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Morgan Stanley reiterated an Equalweight rating and $23.40 price target on shares of Brazil's Vale
VALE Thursday morning following news the Supreme Court of Brazil has delayed a ruling which could exempt the company from making a $15+ billion tax payment.
The firm said weakness in Vale shares over the near term should be used as an opportunity to buy the stock. With shares down around 20 percent since the beginning of 2013, Morgan Stanley believes much of a "rather pessimistic scenario" is likely already baked into the price.
Vale shares are up 0.9 percent to $17.11 at last check. Morgan Stanley's new price target implies potential upside of about 37 percent from where shares of Vale are currently trading.
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