UPDATE: Goldman Sachs Reiterates Valve at Buy, $26 PT on 4Q2013 Model Update - Vale (NYSE:VALE)

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Goldman Sachs analyst Marcelo Aguiar published a report on Valve that reiterated its Buy rating and 12-Month $26 price target.Goldman Sachs reported that, “We update our Vale model for lower mid-term iron ore prices, mark-to-market FX/commodities prices and 4Q2012 results. The Goldman Sachs Global Commodities Research team has adjusted its 2013/14/15 iron ore forecasts to US$139/US$115/US$80 per ton from US$144/US$126/US$90 (CFR China 62% Fe). We now expect the iron ore seaborne market toswitch to oversupply earlier than expected (2014 vs. 2015) on higher supply from China. We cut our 2013/14E adjusted EBITDA by 5%/14% andour target price to US$26.00/ADR (from US$29.30).”Shares of Valve closed at $17.44 on Monday.

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