In a report released yesterday, Richard Hatch from Berenberg Bank maintained a Buy rating on Rio Tinto (RIO – Research Report), with a price target of $75.00. The company’s shares closed yesterday at $66.64.
Hatch covers the Basic Materials sector, focusing on stocks such as Anglo American, BHP Group Ltd, and FRESNILLO. According to TipRanks, Hatch has an average return of 5.1% and a 53.46% success rate on recommended stocks.
Rio Tinto has an analyst consensus of Strong Buy, with a price target consensus of $76.17, which is a 14.30% upside from current levels. In a report released on April 18, Bernstein also maintained a Buy rating on the stock with a $77.50 price target.
RIO market cap is currently $114.3B and has a P/E ratio of 10.83.
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Rio Tinto (RIO) Company Description:
Founded in 1873, UK-based Rio Tinto Plc is engaged in the exploration, mining, and processing of mineral resources in over 35 countries. It produces iron ore for steel, aluminium for cars and smart phones, copper for wind turbines, diamonds. It has four product groups, including Iron Ore, Aluminium, Copper and Diamonds, and Energy and Minerals.
Read More on RIO:
- Rio Tinto price target lowered to 6,610 GBp from 6,630 GBp at JPMorgan
- Rio Tinto price target lowered to 6,630 GBp from 7,040 GBp at JPMorgan
- Rio Tinto backs FY24 Pilbara iron ore output outlook of 323-338Mt
- Rio Tinto reports Q1 Pilbara iron ore production 77.9 Mt, down 2% y/y
- Rio Tinto price target raised to 6,000 GBp from 5,900 GBp at Barclays
