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Credit Suisse came out with a note on Vale SA (ADR) (NYSE: VALE), maintaining the Underperform rating and lowering the price target from $11 to $10.70.
Analyst Ivano Westin comments:
"In light of Vale's NY Day, we update our estimates and expect Vale to emphasize its focus on divestments, capex reduction, and cost-cutting initiatives,and ramp-up of volumes of iron ore and base metals, to support Vale's free cash flow and possibly the maintenance of a healthy dividend yield, despite the unavoidable reduction of its nominal dividend. We are supportive of the management's efforts, but lower commodity prices probably will ultimately thwart those measures."
Westin goes on to state that he now sees Vale trading at 6.2x EV/EBITDA and 16.0x P/E.
Commodity prices have not hit bottom, according to Westin, hence the lowered price target.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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