Nomura Securities Reiterates a 'Buy' on Vale S.A. (VALE); Adjusting Estimates After Q1 Review

Nomura Securities reiterates a 'Buy' on Vale S.A. (NYSE: VALE) price target of $31.00.

Analyst Curt Woodworth, said, "Iron ore fundamentals positive as China macro improves; micro risks diminishing. We believe the micro risks affecting Vale including weather-related production disruptions, uncertainty regarding future tax liabilities, and permitting risk have been the key driver of share price underperformance relative to iron ore YTD. Vale shares are down 9% in the past three months vs. a 7% rise in iron ore. Looking forward, we see micro risks at Vale diminishing, as production should improve and as demand stabilizes. 2012E/2013E EPS from $3.55/$4.25 to $3.50/$3.80."

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 $22.78 yesterday.

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