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Rio Alto Mining Limited (TSE:RIO) was upgraded by analysts at Scotiabank to a “sector outperform” rating in a research report issued to clients and investors on Friday.

Rio Alto Mining Limited (TSE:RIO) traded up 0.74% on Friday, hitting $2.72. 2,492,897 shares of the company’s stock traded hands. Rio Alto Mining Limited has a 52-week low of $1.33 and a 52-week high of $3.06. The stock’s 50-day moving average is $2.54 and its 200-day moving average is $2.31. The company has a market cap of $481.4 million and a P/E ratio of 13.50.

Rio Alto Mining Limited (TSE:RIO) last announced its earnings results on Monday, May 12th. The company reported $0.07 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.04 by $0.03. On average, analysts predict that Rio Alto Mining Limited will post $0.24 earnings per share for the current fiscal year.

Other equities research analysts have also recently issued reports about the stock. Analysts at Pi Financial downgraded shares of Rio Alto Mining Limited from a “buy” rating to a “neutral” rating in a research note on Thursday, May 22nd. They now have a C$2.50 price target on the stock, down previously from C$3.25. Analysts at BMO Capital Markets cut their price target on shares of Rio Alto Mining Limited from C$2.50 to C$2.25 in a research note on Thursday, May 22nd. They now have a “market perform” rating on the stock. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Rio Alto Mining Limited currently has an average rating of “Buy” and an average price target of C$3.01.

Rio Alto Mining Limited (TSE:RIO) is engaged in the acquisition and exploration and developing gold resources and advanced stage exploration projects in both Peru and Latin America.

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