RBC Capital analyst Marina Calero downgraded Vale (VALE) to Sector Perform from Outperform with a price target of $15.50, up from $14.50. The firm cites valuation for the downgrade following the recent re-rating of the shares. Vale is now pricing in an iron ore price of $85 per ton, 10% higher than at the time of RBC’s upgrade to Outperform, the analyst tells investors in a research note. The firm sees the stock as fairly priced.
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