Deutsche Bank Upgrades Vale SA (VALE) to Buy; Sees Stronger Pricing in China
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Deutsche Bank upgrades Vale SA (Nasdaq: VALE) from Hold to Buy. Price target increased to $30.
Deutsche analyst says, "We now believe low freight costs may allow Vale to enjoy higher realized prices on its flexible priced contracts to China. In addition, inexpensively contracted freight may make room for the company to pursue flexible price strategies with other clients, affording higher-than-average contract pricing formulae. This shift in view has led us to raise our EPADR and upgrade our rating from to Buy and price target to US$30/ADR."
"We have boosted our EPADR forecasts by 29% and 10% to US$1.83 and US$2.14 for 2010 and 2011, respectively, which compare with Bloomberg consensus of US$1.57 and US$1.84."
To see more analyst ratings on VALE Click Here.
Companhia Vale do Rio Doce, through its subsidiaries, operates as a diversified metals and mining company worldwide.
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