2340 GMT - Rio Tinto loses a bull in Jefferies as headwinds mount, including a coming CEO changeover, rising tariffs on U.S. aluminum imports and expectations of softer iron-ore prices ahead, analysts at the U.S. bank say. They also raise concerns about how much it will cost the company to develop its new lithium business. "We do not believe that Rio is 'broken,'" the analysts say. "We just consider the risk/reward tradeoff to be more balanced following recent developments." Jefferies downgrades the stock to hold from buy. It cuts its target on the miner's Australian shares by 22% to A$115 and on its London-listed stock by 19% to 4,600p. The analysts say they prefer Glencore, Anglo and Vale over Rio and BHP. Rio Tinto ended Monday in Sydney at A$110.75. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
June 02, 2025 19:40 ET (23:40 GMT)
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