Argus Raises its Price Target on Rio Tinto (RIO) to $120

Rio Tinto Group (NYSE:RIO) is one of the 15 Best Precious Metal Stocks to Buy According to Wall Street Analysts.

On April 28, 2026, Argus raised its price target on Rio Tinto Group (NYSE:RIO) to $120 from $115 and maintained a Buy rating. The firm said Rio Tinto has improved its operating performance and balance sheet in recent years through cost cuts and noncore asset sales, while continuing to return cash to shareholders through dividends. Argus also said the company is increasingly positioning for future clean energy demand through lithium development projects and acquisitions.

Similarly, Bernstein raised its price target on Rio Tinto Group (NYSE:RIO) to $83.50 from $82 and maintained an Outperform rating. The firm noted that aluminum prices have climbed to their second-highest levels on record, approaching the peaks seen during the 2022 Russia-Ukraine War.

On April 20, 2026, Rio Tinto reported that first-quarter iron ore production rose 12% year over year, while alumina production increased 6%. CEO Simon Trott said copper-equivalent production rose 9% as the Oyu Tolgoi Mine continues ramping up and the company’s aluminum business delivered another strong quarter.

Trott also said Rio achieved a historic land exchange at the Resolution Copper Project and is moving toward the next development phase of what it described as one of the world’s largest untapped copper deposits. He added that the company has already implemented the first $650M in annualized productivity benefits, with additional efficiency gains underway.

Rio Tinto Group (NYSE:RIO) explores, mines, and processes mineral resources globally, with operations spanning iron ore, aluminum, lithium, copper, gold, silver, molybdenum, and other minerals.

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