Vale S.A. PT Bumped to $9 at Jefferies Following Vale Day in New York
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Jefferies analyst Christopher LaFemina reiterated a Hold rating but boosted his price target on Vale S.A. (NYSE: VALE) to $9.00 (from $7.50) following the company's Vale Day in NY.
LaFemina commented, "While there was not much new information at Vale Day in NY, the company has made great progress in cutting costs, lowering capex, and paying down debt. There is near-term risk to Vale shares as some speculative froth is coming out of the sector, and the share price upside may be limited over a 12-month horizon (hence our Hold rating). However, the longer term investment case is much more compelling if the company can meet its operational goals."
Shares of Vale S.A. closed at $8.55 yesterday.
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