Berenberg Bank Maintains a Buy Rating on Rio Tinto (RIO) With a £62 Price Target

Rio Tinto Group (NYSE:RIO) is one of the 10 Undervalued European Stocks to Invest in Now. In a report released on June 10, Richard Hatch from Berenberg Bank maintained a Buy rating on Rio Tinto Group (NYSE:RIO) with a price target of £62.00.

The analyst’s optimistic rating followed the company’s opening of its newest iron ore mine, Western Range, on June 6. The mine possesses the ability to produce up to 25 million tonnes of iron ore per year and could sustain the existing Paraburdoo mining hub for up to two decades.

Aerial view of an open pit mine, with workers extracting minerals.

Western Range is a $2 billion joint venture project between Rio Tinto Group (NYSE:RIO) (54 percent) and China Baowu Group (46 percent) that was completed on budget and on time.

Rio Tinto Group (NYSE:RIO) explores, mines, and processes mineral resources. The company is headquartered in London, United Kingdom, and ranks third on our list of the best undervalued European stocks to buy now. Its operations are divided into the Iron Ore, Aluminium, Copper, and Minerals segments.

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