In a report released today, Richard Hatch from Berenberg Bank downgraded Rio Tinto (RIO – Research Report) to Sell. The company’s shares closed last Wednesday at $57.26, close to its 52-week low of $56.02.
According to TipRanks.com, Hatch is a 4-star analyst with an average return of 4.0% and a 45.9% success rate. Hatch covers the Basic Materials sector, focusing on stocks such as Resolute Mining Limited, Wheaton Precious Metals, and Anglo American.
Rio Tinto has an analyst consensus of Moderate Buy, with a price target consensus of $93.00.
Based on Rio Tinto’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $0. In comparison, last year the company had a net profit of $0.
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Founded in 1873, UK-based Rio Tinto Plc is engaged in the exploration, mining, and processing of mineral resources in over 35 countries. It produces iron ore for steel, aluminium for cars and smart phones, copper for wind turbines, diamonds. It has four product groups, including Iron Ore, Aluminium, Copper and Diamonds, and Energy and Minerals.
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