2347 GMT - Macquarie downgrades both Rio Tinto and South32 to neutral from outperform, citing recent share gains. Still, the bank raises its price targets on both stocks and continues to prefer Rio Tinto to peer BHP. "We see EPS upgrades across our coverage, owing to stronger coal and base metal prices," Macquarie says. It adds that "sectoral rotations and the upstream AI thematic" may still favor the sector's largest stocks. Rio Tinto is up 29% year to date at A$189.31. Macquarie increases its target by 1.1% to A$188.00. South32 is up 26% year to date at A$4.47. Macquarie's target rises by 2.2% to A$4.60. The bank keeps a neutral rating on BHP and raises its target by 5.7% to A$56.00. BHP is up 43% year to date at A$65.18. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

June 15, 2026 19:47 ET (23:47 GMT)

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