As previously reported, BofA upgraded Vale to Buy from Neutral with a price target of $20, up from $16. The analyst cites the firm’s more bullish iron ore stance ahead of 2024 for the upgrade. Iron ore prices could extend a recent rally into Q1 as mills may be forced into the market given persistent low inventories, the analyst tells investors.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on VALE: