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Fly News Breaks for February 18, 2020
RIO
Feb 18, 2020 | 08:19 EDT
Morgan Stanley analyst Rahul Anand noted that Rio Tinto has cut its 2020 Pilbara shipments guidance for iron ore to 324-334mt on a 100% basis as a result of damage due to cyclone Damien. In theory, lower production guidance would lead to some earnings estimate cuts, but he argues that it remains too early to assess the financial impact since this could keep iron ore markets tighter and push prices above his base case. Anand has an Equal Weight rating and A$94.50 price target on Rio Tinto shares.
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