Mineral Resources Ltd (ASX: MIN) shares soared 6.49% to $57.29 while Rio Tinto Ltd (ASX: RIO) closed 1.1% lower at $159.32 yesterday.
Both ASX 200 miners divulged their latest earnings reports last week.
On Thursday, Rio Tinto reported a 9% increase in underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) to US$25.4 billion for full-year FY25.
The miner reported stable underlying earnings of US$10.9 billion and a 14% reduction in net profit attributable to owners to US$10 billion.
Rio Tinto shares will pay a fully franked final dividend of US$2.54 per share.
On Friday, Mineral Resources revealed a record EBITDA of $1.2 billion for 1H FY26, up a whopping 286% on 1H FY25.
The underlying net profit after tax (NPAT) was $343 million, up 275% year-over-year, with no dividend declared.
Mineral Resources shares haven't paid a dividend since 1H FY24 due to management's preference to strengthen the balance sheet.
The experts have since pored over the numbers and updated their ratings and 12-month price targets on both ASX 200 mining shares.
Let's take a look.
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Rio Tinto shares
Goldman Sachs downgraded Rio Tinto shares to a hold rating after reviewing the full-year report.
However, the broker raised its 12-month price target on Rio Tinto from $160 to $165 per share.
Ord Minnett retained its buy rating and reduced its target slightly from $173 to $172.
Morgan Stanley kept its hold rating with a target of $140.
Macquarie reiterated its hold rating with a price target of $155.
UBS kept its hold rating with a price target of $160.
Morgans maintained its trim rating and lifted its price target from $142 to $146 per share.
In a note, the broker said:
Solid earnings result, albeit flat earnings despite Copper EBITDA doubling.
An investment heavy phase, FCF will rise on Simandou/OT ramp.
Whether RIO prove sceptics wrong and unlock value from mega deals at the top of the cycle is a key question and risk.
We lean towards 'no', as in our experience M&A action in bull markets pushes listed targets beyond fair value.
RIO is keeping pace with the upgrade cycle, which supports gains but undermines our view on further value, although it remains one of the highest quality sector exposures.
Mineral Resources shares
After reviewing the miner's 1H FY26 results, Morgans upgraded Mineral Resources shares to a buy rating.
The broker increased its 12-month share price target from $66 to $68.
RBC Capital reiterated its buy rating with a 12-month price target of $67.
UBS kept its buy rating with a price target of $68.
Bell Potter maintained its buy rating with a price target of $70.
Macquarie reiterated its buy rating on Mineral Resources shares and lifted its price target from $75 to $76.
