UPDATE: Axiom Initiates Rio Tinto with Sell, $33 PT on Earnings Risk - Rio Tinto (NYSE:RIO)

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Axiom initiated its coverage on Rio Tinto (NYSE: RIO) with a Sell rating and a price target of $33. Axiom commented, "With iron ore comprising 72% of RIO's '11 EBITDA, and our belief that the steel/iron ore bubble in the Chinese market is in the process of deflating, buoyed by a structural oversupply in RIO's Aluminum business (20% of sales), we see outsized downward risk to RIO's earnings trajectory – we do not believe this dynamic is well understood by investors, and thus see a market dislocation/shorting opportunity."Rio Tinto closed at $46.17 on Friday.

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