MARKET TALK: SocGen Upgrades Rio Tinto To Buy From Hold

17th Jun 2010 07:53

0653 GMT [Dow Jones] Societe Generale upgrades Rio Tinto (RIO.LN) to buy from hold, and raises its price target to 4150p from 3900p. Expects base metals prices to trend higher as Chinese infrastructure spending remains very strong, and thinks spot prices of bulk commodities should be supportive. Says the risks related to the Australian mining tax, the ongoing European sovereign debt crisis, and fears Chinese measures to curb property speculation may result in a sharp slowdown in economic activity are now well discounted by investors. Shares closed Wednesday at 3339p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 17, 2010 02:53 ET (06:53 GMT)

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