Rio Tinto named top global mining stock by J.P. Morgan, +3.7% premarket

Rio Tinto (RIO) +3.7% premarket and the day's top performer on the FTSE after J.P. Morgan Cazenove names the stock its top pick in the global mining sector.

RIO is poised to generate an estimated free cash flow of 9% in 2015, “among the highest across the market, and be in a position to augment a ~4% dividend yield with additional returns of capital,” JPM says.

The firm also raises its view of the overall group to Overweight from Underweight, expecting free cash flow improvement, capital returns potential and attractive relative valuation begin to be appreciated more fully in H2.

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