Credit Suisse Hikes Target on Vale (VALE) to $34; Sees 91% Jump in Profits Next Year
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Shares of Brazil's Vale (NYSE: VALE) are moving lower today despite a bullish note from Credit Suisse earlier this morning. The stock most recently traded at $28.04, down 0.9% from yesterday's close.
While maintaining an Outperform rating, the firm boosted its price target on the mining company's stock from $26 to $34, a 31% increase. Credit Suisse also adjusted yearly estimates for Vale, saying the miners profits could rise as much as 91% next year, and by 31% in 2011.
The stock may be seeing downside today as we are hearing that a massive power outage has been making its way across Brazil, now reportedly affecting half of the country.
Companhia Vale do Rio Doce, through its subsidiaries, operates as a diversified metals and mining company worldwide.
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Vale
WDavis3392 on Nov 11, 2009 12:37 PMThis is a really well run company and it is both a play on the metals and on China. If you like this one check out SQM. A great play on electric cars and organic farming.