Morgan Stanley upgrades this mining stock that can surge more than 20%

Morgan Stanley upgraded shares to overweight, citing an improving production story.

"Uncertainty begets opportunities" — meaning now is a good time to play Rio Tinto shares, according to Morgan Stanley. "Demand concerns and falling iron ore prices have de-rated Rio Tinto PLC shares, presenting an opportunity to gain exposure to a business with high-quality assets, growing Copper footprint, improving operating performance and best-in-class capital return prospects," the firm said in a Friday note.

RIO YTD mountain RIO in 2023 Gabriel said that while iron ore still dominates Rio Tinto's revenue portfolio, "its copper footprint remains underappreciated, with volume growth through 2028 outpacing peers', and copper's contribution to group EBITDA rising to ~25% over that period, the highest among diversified miners." He added that after a series of production setbacks and ESG challenges, the company is "rebuilding trust, one asset at a time.

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