Morgan Stanley notes Rio Tinto offers the likelihood of volume growth in copper and iron ore, but it also comes with execution risks.

Equal-weight. Target price $119.50

Sector: Materials.

Target price is $119.50.Current Price is $115.72. Difference: $3.78 - (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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