Vale price target raised to $20 from $16 at BMO Capital

BMO Capital analyst David Gagliano raised the firm’s price target on Vale to $20 from $16 and keeps an Outperform rating on the shares. The analyst cites the company’s Vale Day presentation and longer-term operating targets, though he believes that the stock remains undervalued. Gagliano adds that Value’s improved 2023-2024 operating visibility reduces risks and uncertainty for the stock while translating to more reasonable ‘normalized’ multiples.