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Upgrade Alert for Rio Tinto (RIO)

By James Quinn

Rio Tinto (NYSE:RIO) was upgraded from Sector Perform to Outperform at RBC Capital today. The stock closed yesterday at $31.47 on volume of 2.8 million shares, below average daily volume of 4.8 million.

Rio Tinto PLC is an international mining company. The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon. Rio Tinto's various mining operations are located in Australia, New Zealand, South Africa, the United States, South America, Europe, and Indonesia.

In the past 52 weeks, Rio Tinto share prices have been bracketed by a low of $21.89 and a high of $47.37 and closed yesterday at $31.47, 44% above that low price. The 200-day and 50-day moving averages have moved 0.55% lower and 1.06% higher over the past week, respectively.

There is potential upside of 33.1% for shares of Rio Tinto based on a current price of $31.47 and an average consensus analyst price target of $41.89. The stock should find resistance at its 200-day moving average (MA) of $32.02, as well as support at its 50-day MA of $29.76.

SmarTrend is monitoring the recent change of momentum in Rio Tinto. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Rio Tinto in search of a potential trend change.

Keywords: analyst upgrades/downgrades Rio Tinto

Ticker(s): RIO