Operating earnings (EBITDA) were slightly ahead of Morgan Stanley's estimates in 2019. The dividend was slightly lower but the broker does not consider this a negative, given the coronavirus uncertainty.

2020 guidance is for unit costs of US$14-15/wmt. Equal-weight rating retained. Industry view is In-Line. Target is $94.50.

Sector: Materials.

Target price is $94.50.Current Price is $91.89. Difference: $2.61 - (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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