Argus analyst John Eade raised the firm’s price target on Rio Tinto (RIO) to $85 from $70 and keeps a Buy rating on the shares. The company has strengthened its operating performance and balance sheet in recent years by cutting costs and selling noncore assets, the analyst tells investors in a research note. Rio Tinto is also starting to focus on future clean energy needs through the development of lithium projects and with an acquisition, the firm added.
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