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Australia's Rio Tinto drops; Morgan Stanley sees long-term aluminium output benefits from Boyne stake

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** Shares of Rio Tinto RIO.AX down as much as 1.4% to A$121.200 in early trade

** Analysts at Morgan Stanley see the mining giant as a key long-term player that could benefit from long-term aluminium demand

** Morgan Stanley retains "overweight" rating on stock and price target of A$137.50 apiece

** RIO said on Tuesday it will buy Mitsubishi Corp's 8058.T 11.65% stake in Boyne Smelters for an undisclosed sum

** Brokerage estimates RIO's aluminium business accounts for 11% of Group CY24 EBITDA, with the Boyne smelter currently accounting for around 9% of RIO's CY24 aluminium production

** Around nine of 15 analysts covering the stock rate it "buy" or higher and six rate "hold"; their median PT is A$137.00 - LSEG data

** Stock has fallen 9.4% YTD, as of last close

Reporting by Shivangi Lahiri in Bengaluru


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