Vale downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital downgraded Vale (VALE) to Sector Perform from Outperform with a price target of $11, down from $12. Following the recent outperformance and the narrower valuation gap versus BHP and Rio, RBC sees Vale’s outlook as more neutral, the analyst tells investors in a research note. The firm says iron ore miners “have clear downside risks” but that this is largely priced into the equities already.