Argus analyst David Coleman raised his price target on Rio Tinto to $61 and kept his Buy rating, citing the company's efforts to boost its operating performance and balance sheet by "implementing cost-savings programs, selling noncore assets, and reducing capital spending." Coleman adds that the valuation on the ADR is attractive, trading at 11.4-times the FY18 estimate vs. the peer average of 21.4-times. He sees further benefits going forward from improved economic growth and rising commodity prices, and well as from reduced mining capacity in China.