What’s Ahead for Rio Tinto plc After Reaching 52-Week High?

 What's Ahead for Rio Tinto plc After Reaching 52 Week High?

The stock of Rio Tinto plc (LON:RIO) hit a new 52-week high and has GBX 4056.61 target or 27.00% above today’s GBX 3194.18 share price. The 6 months bullish chart indicates low risk for the GBX 62.68 billion company. The 1-year high was reported on Nov, 10 by Barchart.com. If the GBX 4056.61 price target is reached, the company will be worth GBX 16.92 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. The stock increased 4.10% or GBX 125.68 on November 10, hitting GBX 3194.18. About 13.61M shares traded hands or 187.74% up from the average. Rio Tinto plc (LON:RIO) has risen 47.06% since April 12, 2016 and is uptrending. It has outperformed by 41.42% the S&P500.

Rio Tinto plc (LON:RIO) Ratings Coverage

Out of 29 analysts covering Rio Tinto PLC (LON:RIO), 19 rate it a “Buy”, 3 “Sell”, while 7 “Hold”. This means 66% are positive. GBX 4000 is the highest target while GBX 3 is the lowest. The GBX 2668.23 average target is -16.47% below today’s (GBX 3194.18) stock price. Rio Tinto PLC has been the topic of 356 analyst reports since July 23, 2015 according to StockzIntelligence Inc. Macquarie Research maintained Rio Tinto plc (LON:RIO) rating on Friday, October 28. Macquarie Research has “Outperform” rating and GBX 3500 price target. On Tuesday, November 17 the stock rating was maintained by Deutsche Bank with “Buy”. Jefferies maintained Rio Tinto plc (LON:RIO) rating on Tuesday, August 23. Jefferies has “Buy” rating and GBX 2800 price target. The rating was maintained by Barclays Capital with “Overweight” on Monday, October 24. Credit Suisse maintained Rio Tinto plc (LON:RIO) on Thursday, November 5 with “Neutral” rating. The stock of Rio Tinto plc (LON:RIO) has “Overweight” rating given on Monday, May 9 by Barclays Capital. The stock has “Outperform” rating given by Bernstein on Monday, November 2. The stock of Rio Tinto plc (LON:RIO) earned “Buy” rating by Canaccord Genuity on Thursday, August 6. Deutsche Bank maintained it with “Buy” rating and GBX 3245 target price in Wednesday, October 5 report. The firm has “Buy” rating given on Monday, October 19 by Beaufort Securities.

More news for Rio Tinto plc (LON:RIO) were recently published by: Wsj.com, which released: “Rio Tinto Executive Suspended, Another Steps Down Amid Payments Probe” on November 09, 2016. Forbes.com‘s article titled: “Rio Tinto Reaches Analyst Target Price” and published on November 10, 2016 is yet another important article.

Rio Tinto plc is a mining company. The Firm focuses on finding, mining, processing and marketing the Earth’s mineral resources. The company has a market cap of 62.68 billion GBP. The Company’s divisions include aluminum, copper and coal, diamonds and minerals, and iron ore. It has a 1555.1 P/E ratio. The Company’s aluminum business includes bauxite mines, alumina refineries and aluminum smelters.

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