Morgan Stanley has decided to maintain its Equal-Weight rating of Vale (NYSE:VALE) and lower its price target from $22.00 to $16.00.
Shares of Vale are trading down 2.14% over the last 24 hours, at $14.17 per share.
A move to $16.00 would account for a 12.91% increase from the current share price.
About Vale
Vale is the world's largest iron ore miner and one of the largest diversified miners, along with BHP and Rio Tinto. Earnings are dominated by the bulk materials division, primarily iron ore and iron ore pellets, with minor contributions from iron ore proxies, including manganese and coal. The base metals division is much smaller, primarily consisting of nickel mines and smelters with a small contribution from copper.
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This article was generated by Benzinga's automated content engine and reviewed by an editor.
