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Upgrade Alert for Rio Tinto (RIO)

By David Diaz

Rio Tinto (NYSE:RIO) was upgraded from Sell to Neutral at Goldman Sachs today. The stock closed yesterday at $28.01 on volume of 5.7 million shares, above 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.

Rio Tinto (NYSE:RIO) has potential upside of 49.6% based on a current price of $28.01 and analysts' consensus price target of $41.89. The stock should find initial resistance at its 50-day moving average (MA) of $29.76 and further resistance at its 200-day MA of $32.02.

Rio Tinto share prices have moved between a 52-week high of $47.37 and a 52-week low of $21.89 and closed yesterday at 28% above that low price at $28.01 per share. The 200-day and 50-day moving averages have moved 0.55% lower and 1.06% higher over the past week, respectively.

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