Vale initiated with an Equal Weight at Wells Fargo

Wells Fargo analyst Timna Tanners initiated coverage of Vale (VALE) with an Equal Weight rating and $11 price target as part of a broader research note launching firm coverage on Mining names. The firm notes it is remaining cautious on iron ore market fundamentals, but likes the company’s cost-cutting initiatives and copper growth plans, the analyst tells investors in a research note. Wells adds however that it is too soon for shares to rerate as Vale’s copper supply additions will be gradual.