Morgan Stanley Sees Good Things From Vale SA Investor Day

In a report published Wednesday, Morgan Stanley analyst Carlos De Alba reiterated an Equal-Weight rating and $14.70 price target on

. In the report, Morgan Stanley noted, “At its Investor Day Vale presented its strategy to address the tight cash from ops and still high capex in 2015. The company will focus on cost discipline, capex reduction and divestitures to close the FCF gap. By 2018, Vale expects to generate significant excess cash and prioritize dividends.” Vale SA closed on Tuesday at $8.33.