UPDATE: Morgan Stanley Downgrades Rio Tinto Plc to Equal-Weight on Risk/Reward
Morgan Stanley downgraded Rio Tinto Plc (NYSE: RIO) from Overweight to Equal-weight.
Morgan Stanley noted, "Rio's risk-reward ratio no longer looks attractive enough after: 1) a 33% rise in the iron ore price since December; 2) a much lower earnings impact from cost efficiency programs than headline figures suggest; 3) limited tangible changes from its sharpened focus on capital efficiency."
Rio Tinto Plc closed at $55.03 on Wednesday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.