Rio Tinto Shares: Here’s How Analysts Reacted to its Latest Results

Rio Tinto (LON: RIO) shares fell 3.7% on Thursday after the miner reported full-year results that analysts widely described as solid but unspectacular, with mixed signals across its core commodities.

The stock remains up 18.7% year-to-date, but the latest update prompted reassessments from major brokers.

Bank of America lowered its price target on the company to 8,300p from 8,500p while reiterating a Buy rating, citing “broadly inline” earnings and management’s decision not to pursue a potential merger with Glencore.

The bank said it was “a shame” the deal was not explored further, arguing the combination could have been attractive.

Hargreaves Lansdown said the results reinforced the wider industry trajectory, highlighting copper as the standout driver of growth.

The firm noted that prices look strong enough to support another year of gains in 2026, but iron ore, Rio’s biggest division, remains soft. It warned that execution risk persists despite a favourable long-term strategy update unveiled in December.

The update included $650 million of cost savings and a targeted 40%–50% uplift in EBITDA by 2030, supported by expansion across iron ore, copper and lithium.

However, Hargreaves Lansdown said Rio’s valuation “looks full” after its strong rally, adding that further upside may depend on clearer execution progress or a meaningful improvement in iron ore markets.

While Rio’s established mining assets and strong balance sheet offer stability, analysts said the outlook still hinges on commodity prices and the pace of diversification away from iron ore.