Vale price target raised to $19.50 from $18 at Morgan Stanley

Morgan Stanley analyst Carlos De Alba raised the firm’s price target on Vale (VALE) to $19.50 from $18 and keeps an Overweight rating on the shares as part of a broader research note on Americas Metals & Mining. The firm expects Middle East conflict and geopolitical tensions to keep volatility in the mining space elevated, adding that it favors precious metal-exposed names as it expects gold/silver prices to strengthen. Morgan Stanley adds that a Vale offers a compelling risk-reward profile driven by disciplined capital allocation, operational excellence in the iron ore business, and attractive growth optionality in copper.