Vale price target lowered to $17 from $18 at Morgan Stanley

Morgan Stanley analyst Carlos De Alba lowered the firm’s price target on Vale to $17 from $18 and keeps an Overweight rating on the shares. While Morgan Stanley noted that mining equities may continue their recent move higher on sentiment around China stimulus “for a bit longer,” the firm does not believe the rally is sustainable, citing “weak global growth despite China’s services-led recovery, a stronger USD, and fair valuation” as factors limiting mining share performance.