BofA upgraded Vale (VALE) to Buy from Neutral with a price target of $19, up from $18. Shares have corrected 6.6% since the Iran conflict started while iron ore is up about 8%, which the firm argues presents an opportunity. The company’s strong operational execution story is intact, Vale is well positioned to handle Iran conflict-driven impacts and the firm is assuming higher long-term copper production compensates for conflict-related cost pressures, the analyst tells investors.
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