ECB president Mario Draghi has confirmed the central bank would start its long-anticipated quantitative easing program next Monday. The €1.1 trillion bond-buying program would spur the fastest economic growth the eurozone has had since before the global financial crisis, he predicted.

One of the immediate beneficiaries should be mining giant Rio Tinto, analysts at Societe Generale said.

The mining company would attract investors looking for high-yielding stocks as the central bank's QE program weighed down bond yields, Societe Generale's Roland Kaloyan and Kevin Redureau said.

"With ECB's quantitative easing, long-term government bond yields should stay at low levels in the euro area," they said.

"In this context, investors are likely to continue to look for high-yielding stocks."

The dual-listed miner is forecast to pay nearly 6 per cent dividend yield on the ASX and 5.1 per cent on the London Stock Exchange.

Societe Generale said Rio was undervalued in London. As the lowest-cost producer, Rio was well positioned to profit from the closure of high-cost mines and a stabilisation of iron ore prices, it said.

"We like [Rio's] exposure to aluminium, as the shortage of bauxite should support aluminium prices in the mid-term," the bank said.

Other European-listed companies are also likely to ride on the waves of ECB's quantitative easing. Societe Generale's "buy" list includes other high-yielding stocks such as Royal Dutch Shell, steel manufacturer ArcelorMittal, French banks Axa and Credit Agricole, British insurer Aviva, and the Italian utility Enel and bank Intesa Sanpaolo.

"The ECB quantitative easing should continue to put pressure on the euro versus all the major currencies," the analysts said.

The euro dipped below $US1.10 overnight for the first time since September 2003.

Investors should therefore look to invest in businesses that will benefit from a weaker currency, such as French hotel group Accor, Spanish retailer Inditex (owner of Zara), and Renault, with ArcelorMittal also a beneficiary of this theme.

In Australia, investment bank Citi upgraded the price target for Rio Tinto on Friday to $71 a share, up from $67, while maintaining its "buy" recommendation.

"There is no getting away from commodity prices being the major earnings driver, but volumes, FX [foreign exchange rates] and costs combine to drive earnings growth over the medium term," Citi analysts said.

However, Deutsche Bank lowered its price target for the stock slightly to $82.70 from $83.90.

"We remain positive on the outlook for the aluminium market. However, the demand outlook, especially in China, has deteriorated," the analysts said.

Rio Tinto's shares traded at $60.50 on the ASX at mid-morning on Friday, well below the analyst consensus price target of $68.69 provided by Bloomberg.