Vale price target raised to $16.50 from $15 at Scotiabank

Scotiabank analyst Alfonso Salazar raised the firm’s price target on Vale (VALE) to $16.50 from $15 and keeps a Sector Perform rating on the shares. The firm expects short term volatility and notes there may be a short-term continuation of the stock’s recent value, but believes Vale’s rally looks capped without the support of a stronger outlook for global steel and the increasing risk of iron ore oversupply, the analyst tells investors.