Morgan Stanley: Rio Tinto has had a strong start this year.

Morgan Stanley analyst Rahul Anand said that Rio Tinto's various businesses have had a strong start in 2026. He emphasized that the iron ore production in Pilbara exceeded average expectations by 5.6%, and surpassed Morgan Stanley's own forecast by 8.5%. Copper production also performed strongly, exceeding average expectations by 4.2%, and surpassing Morgan Stanley's forecast by 8.2%. Anand said, "Kennecott copper mine remains a focus." He stated that the production at the Kennecott copper mine exceeded market expectations by 10%, and surpassed Morgan Stanley's expectations by 38%. Morgan Stanley has a neutral rating on the stock with a target price of 163 Australian dollars per share.