Rio Tinto (RIO) Share Price Tip and Analysis

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Some brokers are bullish for Rio Tinto (RIO) UBS has a Buy 2 rating with a share price target of $100. Citigroup Investment Research has also come up with the same stock price target with a recommendation of Buy with Medium Risk. UBS values Rio Tinto at $79.31 (DCF, 10% d.r) with their price target based on 11x CY 07e earnings.

The technical analysis verdict for the Rio chart is pretty much similar to the BHP price action. This week the Rio Tinto price fell through a weak support level at around $75. The long term uptrend is still intact until any test of the 200 day Exponential Moving Average (EMA). While in the short term, the price has broken the 50 day EMA hence the volaility in price as of late. The next major support level lies around the $71 mark.

Rio Tinto is listed on the Australian Stock Exchange (ASX) under stock code RIO. Check your charts!