Vale S.A. (VALE) Higher After Goldman Sachs Upgrade

Shares of Vale S.A. (Nasdaq: VALE) are benefiting today from an upgrade at Goldman Sachs. Goldman upgraded the stock from Neutral to Buy and added Vale ADS (NYSE: VALE.P) to their Latin America Focus List. Shares of VALE are up 2% today on the call. The ADS�(VALE.P) is up 1.2%.

Goldman said "tighter supply-demand outlook for the global seaborne iron ore market in 2010E and positive momentum for iron ore prices should sustain Vale shares’ strong performance in the next 3-6 months."

The firm set a price of $31 for VALE and $28 for VALE/P.

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