Bank of America Reiterates “Buy” Rating for Rio Tinto Group (LON:RIO)

Rio Tinto Group (LON:RIO)‘s stock had its “buy” rating reiterated by equities researchers at Bank of America in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. They presently have a GBX 7,700 ($97.68) price objective on the stock. Bank of America‘s target price would indicate a potential upside of 48.76% from the company’s current price.

A number of other equities analysts have also recently weighed in on the company. Berenberg Bank reissued a “buy” rating and set a GBX 5,900 ($74.84) price objective on shares of Rio Tinto Group in a report on Wednesday, June 12th. Barclays reissued an “overweight” rating and set a GBX 6,000 ($76.11) price objective on shares of Rio Tinto Group in a report on Tuesday, May 7th. Citigroup reissued a “neutral” rating on shares of Rio Tinto Group in a report on Monday, June 17th. JPMorgan Chase & Co. decreased their price objective on Rio Tinto Group from GBX 6,630 ($84.11) to GBX 6,610 ($83.85) and set an “overweight” rating on the stock in a report on Thursday, April 18th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a GBX 6,200 ($78.65) price target on shares of Rio Tinto Group in a research note on Tuesday, June 18th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of GBX 6,313.75 ($80.09).

Rio Tinto Group Stock Performance

Shares of LON RIO opened at GBX 5,176 ($65.66) on Wednesday. The stock has a market cap of £64.70 billion, a price-to-earnings ratio of 1,078.33, a P/E/G ratio of -0.64 and a beta of 0.63. The company has a current ratio of 1.69, a quick ratio of 1.34 and a debt-to-equity ratio of 25.47. Rio Tinto Group has a 1-year low of GBX 4,509.50 ($57.21) and a 1-year high of GBX 5,910 ($74.97). The stock’s 50-day moving average is GBX 5,444.30 and its 200 day moving average is GBX 5,374.73.

Rio Tinto Group Company Profile

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.