The Rio Tinto Limited (ASX: RIO) share price has bounced back from yesterday's heavy decline and is up 1.5% to $58.72 in afternoon trade.
This latest gain means the mining giant's shares have climbed over 30% in the last 12 months.
But this may not be the end of its gains according to one leading broker.
A research note out of Citi on Monday revealed that its analysts have reiterated their buy recommendation on its shares.
They did, however, cut their price target from $70 to $66. According to the note, this is due to Citi being bearish on iron ore prices,
The investment bank believes rising inventories and an increase in low-cost supply could weigh heavily on iron ore prices moving forward.
Despite this, should Rio Tinto's shares reach Citi's price target, it would mean a return of over 12% from the current share price.
Rio Tinto isn't the only share that Citi likes at the moment. Here's another one that was recently given a buy rating.
