Wall Street Maintains Bullish Outlook on Rio Tinto Despite Earnings Miss
Despite missing earnings expectations in Q1 due to cyclone impacts, Wall Street analysts remain optimistic about Rio Tinto PLC ADR (RIO). Macquarie upgraded its price target and maintained an Outperform rating based on expected higher recoveries at the Oyu Tolgoi mine and stronger aluminum premiums. Additionally, a new joint venture with Mogotes Metals could expand RIO's exposure to copper and gold in North America.
Tickers: $RIO
Topics: aluminum bullish outlook earnings gold Goldman Sachs Macquarie price target Rio Tinto