Rio Tinto Upgraded by Dahlman Rose
Dahlman Rose announced they had upgraded Rio Tinto (NYSE:RTP), raising their target price from $300 to $340.
While production at the company are in line with estimates, the increased pricing power based on changing to quarterly contracts is the major impetus behind the upgrade.
Dahlman said the increase in iron ore prices will directly affect the earnings at Rio Tinto in 2010 and into the future.
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