Jefferies Upgrades Vale S.A. (VALE) to Buy

Jefferies analyst Christopher LeFemina upgraded Vale S.A. (NYSE: VALE) from Hold to Buy with a price target of $16.00 (from $15.00).

The analyst is raising 2019/2020 EPS estimates and believes the LT benefit from quality premiums is not reflected in the current valuation noting the equity trades at 3.8x FY 2019 estimate EV/EBITDA compared to Rio Tinto and BP which trade at 4.6x on average.

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 $12.99 yesterday.

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