Vale upgraded to Overweight from Neutral at JPMorgan

JPMorgan analyst Rodolfo Angele upgraded Vale to Overweight from Neutral with a price target of $16, up from $15. The analyst cites valuation for the upgrade with the shares down 27% year-to-date. While the property sector has been slow, China has been overproducing steel, and as that happens, it overconsumes iron ore, the analyst tells investors in a research note. Unlike in 2021 and 2022, the firm does not expect to see a nationwide steel production curtailment in China. More steel means more iron ore, benefitting Vale, contends JPMorgan.