RBC downgrades Vale, says shares ‘moved past fair value’

RBC Capital analyst Tyler Broda downgraded Vale to Sector Perform from Outperform with a price target of $15, down from $16. Following the rally shares and with risks to iron ore markets as well as new potential Samarco liabilities, Vale has "moved past fair value," the analyst tells investors in a research note. Vale’s Q4 was largely in line but lagging base metals drives 2023 estimate declines, RBC says. The firm believes a Samarco settlement could offset benefits from its base metal stake sale.