0139 GMT - The outliers in Rio Tinto's 1Q result, according to Jefferies, are a beat in Pilbara iron-ore production and a miss in group bauxite output. The Pilbara beat is underpinned by operational improvement initiatives, the bank says. The bauxite miss is due to significant weather disruptions, it adds. "All things considered, a mostly quiet operational quarter from Rio at its major assets," Jefferies says. Rio reiterates 2026 guidance and notes limited direct impacts to its operations from the Middle East conflict, says Jefferies. "We reiterate our Hold rating on Rio shares due to relative valuation and our preference for miners more directly leveraged to copper," the bank says. It has a A$162 target on the stock. Shares are flat at A$172.51. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
April 20, 2026 21:39 ET (01:39 GMT)
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