Rio Tinto price target raised to $120 from $115 at Argus

Argus raised the firm’s price target on Rio Tinto (RIO) to $120 from $115 and keeps a Buy rating on the shares. Rio Tinto has strengthened its operating performance and balance sheet in recent years by cutting costs and selling noncore assets, while its management continues to return cash to shareholders through dividends, the analyst tells investors in a research note. The company is also starting to focus on future clean energy needs through the development of lithium projects and with an acquisition, the firm added.