Vale price target lowered to $10.40 from $11.30 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Vale (VALE) to $10.40 from $11.30 and keeps an Equal Weight rating on the shares. Global growth continues to decelerate and recession fears will continue to pose challenges for mining stocks, says the analyst, who still prefers base metal equities versus iron ore names among the firm’s Americas Metals and Mining coverage, citing tighter supply outlooks.