Vale upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Carlos De Alba upgraded Vale to Overweight from Equal Weight with a price target of $20, up from $14.50. China’s reopening will continue to be beneficial to miners, but the path forward will be "bumpy," De Alba tells investors in a research note. The analyst sees iron ore price momentum heading into the first half of 2023, which is supported by reduced supply and China exiting its COVID Zero policy. Additionally, share catalysts for a re-rating include a possible transaction that would "unlock value" from Vale’s base metals unit, contends De Alba.