Morgan Stanley analysts reaffirmed an Overweight rating for Rio Tinto (NYSE:RIO). The bank's assessment suggests that Rio Tinto's share price is poised to increase over the next 60 days.

The analysts anticipate that Rio Tinto will benefit from higher projected prices for iron ore and copper, given its significant revenue exposure to these commodities (estimated 55% for iron ore and 12% for copper in 2023).

The analysts believe there is a potential for the stock's valuation to rise closer to their price target of A$135 per share, with an estimated 60% to 70% probability of this scenario occurring.