Vale Downgraded to Market-Perform by Barclays

Deep News04-20 23:00

Barclays stated that it is time to adopt a wait-and-see approach towards Vale SA as the valuation gap between the Brazilian metals and mining company and its peers has narrowed. Analyst Amos Fletcher downgraded the iron ore and nickel producer from overweight to market-perform. The company's share price has risen significantly this year, with a gain of 34% year-to-date, indicating limited potential for further upside.

Fletcher wrote in a report on Monday, "Vale's recent performance has been stronger than its peers, and its stock no longer trades at a significant discount relative to Australian competitors—the discount on enterprise value to EBITDA is now 10%, the smallest since 2020." He was referring to the enterprise value to EBITDA ratio, a metric used to assess a stock's valuation compared to its rivals.

The analyst set a price target of $17, slightly below the stock's closing price of $17.78 last Friday. The stock showed little change in early trading on Monday.

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