2349 GMT - Rio Tinto has no need to raise equity, say Citi analysts Paul McTaggart and Ephrem Ravi. "So let's move on," they say in a client note. Rio Tinto's recent comments about a potential equity raise caught the market off guard and prompted a debate over whether the miner was seeking to rebalance shares in its dual-listed structure, strengthen its balance sheet, or have greater flexibility, say McTaggart and Ravi. "Even under downside scenarios, we think that Rio's balance sheet can handle commodity price volatility without new equity," they say. And, "if management believes Rio's shares are cheap, why dilute shareholders now?" Citi has a neutral rating at A$130 target on Rio Tinto. The stock is up 0.3% in Sydney at A$115.30. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
March 06, 2025 18:49 ET (23:49 GMT)
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