Morgan Stanley Sticks to Its Hold Rating for Rio Tinto Limited (RTNTF)
Morgan Stanley analyst Rahul Anand maintained a Hold rating on Rio Tinto Limited (RTNTF – Research Report) today and set a price target of A$119.50. The company's shares closed last Friday at $73.06.
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According to TipRanks, Anand is a 4-star analyst with an average return of 5.3% and a 48.81% success rate. Anand covers the Basic Materials sector, focusing on stocks such as Rio Tinto Limited, Iluka Resources Limited, and Evolution Mining .
Currently, the analyst consensus on Rio Tinto Limited is a Moderate Buy with an average price target of $80.94, a 10.79% upside from current levels. In a report released on April 17, Macquarie also maintained a Hold rating on the stock with a A$115.00 price target.
Based on Rio Tinto Limited's latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $26.8 billion and a net profit of $5.81 billion. In comparison, last year the company earned a revenue of $26.67 billion and had a net profit of $5.12 billion
Based on the recent corporate insider activity of 23 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of RTNTF in relation to earlier this year.
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