Rio Tinto price target raised to $82 from $70 at Argus

Argus analyst John Eade raised the firm’s price target on Rio Tinto to $82 from $70 and keeps a Buy rating on the shares. The company has strengthened its operating performance and balance sheet by cutting costs and selling noncore assets, the analyst tells investors in a research note. Rio Tinto’s 7% current dividend yield is also “attractive”, signalling value in the stock, the firm states, adding that based on the company’s clean balance sheet and high level of profitability, its shares merit a “premium multiple”.