Goldman Sachs Downgrades Rio Tinto (RIO) to Conviction Sell

March 19, 2013 7:00 AM EDT
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Price: $43.72 +1.84%

Rating Summary:
    10 Buy, 5 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 22 | Down: 16 | New: 13
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Goldman Sachs downgraded Rio Tinto (NYSE: RIO) from Neutral to Conviction Sell given more than 90% of Rio's EBIT was from iron ore in 2012.

"We see minimal free cash and significant earnings declines if the company goes ahead with the Pilbara 360 project in a declining iron ore price environment," the analyst said.

For an analyst ratings summary and ratings history on Rio Tinto click here. For more ratings news on Rio Tinto click here.

Shares of Rio Tinto closed at $49.27 yesterday.

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