The Rio Tinto Limited (ASX: RIO) share price has flatlined recently and is currently around 2% higher than this time last month.
The miner's shares closed on Thursday trading at $97.10 apiece, within range of their July 2022 levels.
But what do brokers think about the Rio Tinto share price? Let's take a look.
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Are Rio Tinto shares a buy?
Analyst opinion is fairly mixed on the stock's status, with 11 out of 18 brokers saying it's a buy and the remainder rating it a hold, according to Refinitiv Eikon data.
The consensus price target from this list is $113.36 per share, suggesting the group predicts a sizeable amount of upside yet to be priced in.
Those at Citi said that Rio still produces "robust" free cash flow, which could potentially pay up to $8.32 per share in dividends in FY22.
That dividend could potentially increase to $9.40 per share in FY23 if the miner continues its pace of free cash flow generation, Citi says.
Meanwhile, iron ore continues its sharp ascent and has reversed off highs of USD$119 per tonne on 1 August to reset at USD$105 per tonne on last check.
The volatility is matched within the Rio share price over extended periods, as seen in the chart below over the past six months.
With these factors in mind, it depends on investor process and preference as to whether Rio Tinto shares are a buy right now or not.
Analyst sentiment is tilted to bullish. However, underlying market fundamentals might be tightening, according to Trading Economics.
"Demand has also been suppressed by a worsening macroeconomic backdrop for the Chinese economy, with the latest data showing concerning figures for industrial production and retail sales that added to woes regarding the financial stability of the country's property developers," it said in a recent note.
The Rio Tinto share price is down more than 9% over the past 12 months.
