Wolfe Research analyst Timna Tanners upgraded Vale to Outperform from Peer Perform with a $17 price target. The analyst sees cost support for iron ore prices at $95-$100 per ton and given the company’s “strong” free cash flow and payout profile. A forecast 8% free cash flow yield supports an 8% dividend yield, which makes Vale an “attractive hiding place amid global macro uncertainty,” the analyst tells investors in a research note.
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Read More on VALE:
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