Citi Reiterates Buy Rating on Vale S.A. (VALE)

Citi analyst Alexander Hacking reiterated a Buy rating and $15.00 price target on Vale S.A. (NYSE: VALE)

The analyst comments "Vale hosted a sell-side roundtable with new CEO Gustavo Pimenta today. Gustavo noted that the team is working on a 5 year horizon plan with milestones & goals. He does not foresee any major strategic turns. There are four main priorities: 1, Iron ore: Target 340-360mt production with improving mix/higher share of agglomerated products; 2. Base metals: Grow copper and have a higher % base metals in portfolio; 3. Accelerate efficiency and drive down costs; and 4. Improve institutional relationships with public authorities as company would struggle to achieve other goals without this. We did not hear anything that would change the investment thesis. The more notable shifts appear to be accelerating the commercial strategy in iron ore towards higher quality products (note: change in leadership announced last night), a stronger push on efficiency/productivity; and better communication on Vale’s benefits to Brazil to authorities & broader population."

For an analyst ratings summary and ratings history on Vale S.A. click here. For more ratings news on Vale S.A. click here.

Shares of Vale S.A. closed at $11.05 yesterday.

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