Barclays Maintains an 'Overweight' on Vale S.A. (VALE); Toning Down Expectations
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Price: $14.67 +3.09%
Rating Summary:
11 Buy, 15 Hold, 2 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
11 Buy, 15 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Barclays maintains an 'Overweight' on Vale S.A. (NYSE: VALE) price target lowered from $37 to $34.
Barclays analyst says, "Following Vale's investor meeting and 2012 capex budget update, we are revising our model to incorporate: (i) higher maintenance capex/capital inflation going forward and (ii) project delays (e.g. Serra Sul). We recognize management's efforts to improve its communication with investors and share its positive view on the iron ore cycle, but come out of the meeting marginally disappointed with the magnitude of capital inflation and project delays. On a longer time frame, we still believe Vale offers the best risk/return in our coverage. However, we reduce our price target to US$34/shr (-8%) and believe that in the near term growth/capex expectations will likely be toned down in the market."
For an analyst ratings summary and ratings history on Vale S.A. click here. For more ratings news on Vale S.A. click here.
Shares of Vale S.A. closed at $22.80 yesterday.
Barclays analyst says, "Following Vale's investor meeting and 2012 capex budget update, we are revising our model to incorporate: (i) higher maintenance capex/capital inflation going forward and (ii) project delays (e.g. Serra Sul). We recognize management's efforts to improve its communication with investors and share its positive view on the iron ore cycle, but come out of the meeting marginally disappointed with the magnitude of capital inflation and project delays. On a longer time frame, we still believe Vale offers the best risk/return in our coverage. However, we reduce our price target to US$34/shr (-8%) and believe that in the near term growth/capex expectations will likely be toned down in the market."
For an analyst ratings summary and ratings history on Vale S.A. click here. For more ratings news on Vale S.A. click here.
Shares of Vale S.A. closed at $22.80 yesterday.
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