Vale upgraded to Buy at BofA on valuation, improved story

As previously reported, BofA analyst Caio Ribeiro upgraded Vale (VALE) to Buy from Neutral with a price target of $11.50, up from $11. After the recent pressure on shares post tariffs, Vale’s discounted valuation, combined with its “improved bottom-up story,” offer “enough margin of safety” to accommodate the firm’s more cautious iron ore view, the analyst tells investors.