Royal Bank of Canada upgraded shares of Rio Tinto (LON:RIO) from an underperform rating to a sector performer rating in a report released on Wednesday, Borsen Zeitung reports. They currently have GBX 4,200 ($51.69) price target on the stock, up from their prior price target of GBX 3,600 ($44.30).
A number of other research firms have also recently commented on RIO. Jefferies Financial Group lifted their price target on shares of Rio Tinto from GBX 5,200 ($63.99) to GBX 5,400 ($66.45) and gave the stock a buy rating in a report on Monday, July 6th. Deutsche Bank raised shares of Rio Tinto to a buy rating and increased their price target for the stock from GBX 4,600 ($56.61) to GBX 4,900 ($60.30) in a report on Thursday, July 2nd. UBS Group reissued a neutral rating and issued a GBX 4,400 ($54.15) price target (up previously from GBX 4,100 ($50.46)) on shares of Rio Tinto in a report on Thursday, June 25th. Barclays increased their target price on shares of Rio Tinto from GBX 3,200 ($39.38) to GBX 3,600 ($44.30) and gave the company an underweight rating in a report on Wednesday. Finally, Bank of America raised shares of Rio Tinto to a buy rating and set a GBX 5,700 ($70.15) price target for the company in a research report on Friday, May 29th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of Hold and an average target price of GBX 4,503.33 ($55.42).
Shares of LON RIO opened at GBX 4,616 ($56.81) on Wednesday. Rio Tinto has a 1-year low of GBX 2,954 ($36.35) and a 1-year high of GBX 5,152 ($63.40). The firm’s 50-day moving average price is GBX 4,467.23 and its 200-day moving average price is GBX 4,099.39. The company has a current ratio of 1.56, a quick ratio of 1.22 and a debt-to-equity ratio of 31.20. The firm has a market capitalization of $57.50 billion and a P/E ratio of 9.45.
About Rio Tinto
Rio Tinto Group engages in finding, mining, and processing mineral resources worldwide. The company offers aluminium, silver, molybdenum, copper, diamonds, gold, borates, titanium dioxide, salt, iron ore, and uranium. It is also involved in the alumina production; primary aluminium smelting; bauxite mining; alumina refining; and ilmenite mining, as well as provision of gypsum.
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