Loading...
Loading...
In a report published Friday, Barclays Capital analyst Amos Fletcher initiated coverage on
Vale SAVALE with an Underweight rating and $13.00 price target.
In the report, Barclays Capital noted, “We initiate coverage of the world's biggest iron ore producer, Vale, with an Underweight rating and 12 month price target of $13, representing potential downside of 17%. This report focuses on Vale in the context of its global peer group – BHP, Rio Tinto, Anglo American and Fortescue. In that context we find it to be a relatively unattractive investment proposition based on high gearing to iron ore prices (where we are cautious), weak FCF generation due to its ‘higher for longer' capex profile, declining EPS and returns profile plus various stock-specific risks (e.g. tax and permitting).”
Vale SA closed on Thursday at $15.50.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in