Raymond James Upgrades Rio2 (CVE:RIO) to “Outperform”

Rio2 (CVE:RIO) was upgraded by Raymond James from a “market perform” rating to an “outperform” rating in a report issued on Tuesday, BayStreet.CA reports. The brokerage presently has a C$0.60 price target on the stock, up from their previous price target of C$0.40. Raymond James’ price target indicates a potential upside of 30.43% from the stock’s previous close.

Rio2 Trading Down 2.1 %

Shares of RIO stock opened at C$0.46 on Tuesday. Rio2 has a 1 year low of C$0.16 and a 1 year high of C$0.48. The firm’s fifty day simple moving average is C$0.39 and its 200 day simple moving average is C$0.31. The firm has a market capitalization of C$119.25 million, a P/E ratio of -11.50 and a beta of 2.35. The company has a current ratio of 7.59, a quick ratio of 1.10 and a debt-to-equity ratio of 0.65.

Rio2 (CVE:RIO) last posted its quarterly earnings results on Thursday, March 28th. The company reported C$0.03 earnings per share for the quarter. As a group, sell-side analysts predict that Rio2 will post -0.03 EPS for the current year.

Rio2 Company Profile

Rio2 Limited engages in the exploration, development, and mining of mineral properties in Canada, Peru, Bahamas, and Chile. It holds a 100% in the Fenix Gold Project covering an area of approximately 16,050 hectares located in Chile. The company was incorporated in 1990 and is headquartered in Vancouver, Canada.