UPDATE: Canaccord Genuity Raises PT to $22 on VALE on Sequential Iron Ore Improvement
Canaccord Genuity reiterated its Hold rating on VALE (NYSE: VALE) and raised the price target from $21.50 to $22.00.
Canaccord Genuity commented, "Vale released its Q4/12 production report on 1 February 2013. Q4/12 iron ore production of 85.5 million tonnes beat our estimate of 81.1 million tonnes by 2%, and also increased 2% from the Q3/12 production level of 83.9 million tonnes. Q4/12 pellet production of 12.1 million tonnes was 17% below our estimate of 14.6 million tonnes, and was down 19% from the Q3/12 level of 15.0 million tonnes. Q3/12 nickel production of 64,000 tonnes was 14% higher than our estimate of 56,000 tonnes."
VALE closed at $20.52 on Friday.
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