Rio Tinto (RIO) Receives a Buy from Jefferies

By Jason Carr

In a report issued on June 7, Chris LaFemina from Jefferies maintained a Buy rating on Rio Tinto (RIOResearch Report), with a price target of $112.00. The company’s shares closed last Friday at $86.31.

According to TipRanks.com, LaFemina is a 4-star analyst with an average return of 6.6% and a 54.8% success rate. LaFemina covers the Basic Materials sector, focusing on stocks such as First Quantum Minerals, Peabody Energy Comm, and Freeport-McMoRan.

Currently, the analyst consensus on Rio Tinto is a Moderate Buy with an average price target of $104.84, which is a 21.4% upside from current levels. In a report issued on July 30, Credit Suisse also maintained a Buy rating on the stock with a price target.

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Rio Tinto’s market cap is currently $107.7B and has a P/E ratio of 7.50. The company has a Price to Book ratio of 2.16.

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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.