Optimisation has meant copper reserves at Oyu Tolgoi are reduced -15% and grades are lower, which surprises Morgan Stanley.

However resources have also increased 15%. Equal-weight rating retained. Industry view is In-Line. Target is $93.50.

Sector: Materials.

Target price is $93.50.Current Price is $96.39. Difference: ($2.89) - (brackets indicate current price is over target). If RIO meets the Morgan Stanley target it will return approximately -3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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