Bernstein Lifts Rio Tinto Share Price Target, Stays Bullish

Bernstein SocGen Group raised its price target on Rio Tinto (LON: RIO) (NYSE: RIO) to $89.50 from $88.50 on Wednesday, September 9, 2026, while reiterating its “Outperform” rating on the mining giant’s shares, according to a note from analyst Bob Brackett.

The modest 1.13% increase in the price target reflects continued confidence in Rio Tinto’s ability to navigate volatile commodity markets while executing on its diversified portfolio, which spans iron ore, copper, aluminium, lithium and industrial minerals.

Bernstein’s commentary pointed to broader dynamics across the metals complex, including its view that Indonesia — which already supplies roughly 60% of global nickel and is on track to approach 70% by 2030 — is likely to manage output to keep prices in an $18,000-$20,000 per tonne “sweet spot” for producers and downstream consumers alike.

The firm continues to see electric vehicle demand as the dominant driver of nickel consumption, with its supply-demand modelling pointing to a moderate surplus over the next decade.

Shares of Rio Tinto were little changed following the update. The NYSE-listed ADR (RIO) closed around $103.78, down marginally on the session, while London-listed shares (RIO.LSE) slipped roughly 1.8% to 7,602p.

Rio Tinto currently carries a market capitalisation of approximately $170.5 billion. According to GuruFocus data, the stock trades at a trailing P/E of roughly 14x, above its five-year median of 9x, and sits well above its calculated intrinsic “GF Value” of $76.04 — implying the shares are trading at a notable premium despite Bernstein’s continued bullish stance.