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Cramer Still Likes Vale (RIO); Stock Will Goto 'At Least $44'
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On today's Stop Trading!, Jim Cramer highlighted stocks he likes involved in high-growth emerging markets. While it is located in Brazil, Cramer called Companhia Vale do Rio Doce (NYSE: RIO) a China play due to the country's very strong demand for metals.
Cramer said he doesn't get why Vale stock is so cheap. Compared to another popular commodity company out of Brazil, PetroBras (NYSE: PBR), which he said is no longer inexpensive, Cramer said shares of Vale look "really, really cheap".
The President of Cramerica gave a resounding Buy on Vale, saying its shares will goto at least $44. Jim's target on Vale represents potential upside of nearly 15% from today's current level around $38.40. With crude oil taking back some losses after several days of trading down, shares of Vale are up about 3%, or $1.11 moving into the last half hour of today's trading session.
Companhia Vale do Rio Doce (Vale) is a metals and mining company.
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