Citi Upgrades Vale S.A. (VALE) to Buy

Citi analyst Alex Hacking upgraded Vale S.A. (NYSE: VALE) from Neutral to Buy with a price target of $12.00 (from $14.00).

The analyst comments "We are not calling a bottom in the sector and acknowledge very high likelihood of a sharp fall in global steel demand and iron ore prices. That said, we see no change to the structural view on iron ore. The world will still need cars and buildings, in our view."

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 $7.90 yesterday.

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