Scotiabank upgraded Vale (VALE) to Outperform from Sector Perform with a price target of $14, up from $12.50. The firm views the company as well positioned to benefit from the “decarbonization wave when it finally arrives.” Vale’s is actively looking for ways to expand its global presence and improve its product portfolio through blending, which will gradually reduce its exposure to China, the analyst tells investors in a research note. Scotiabank adds that iron ore demand from Europe may surprise to the upside if re-industrialization materializes.
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