UBS Hits Mining Giant Vale With Sell Rating as Iron Prices Fall

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UBS Hits Mining Giant Vale With Sell Rating as Iron Prices Fall

Bloomberg2021-09-17

(Bloomberg) -- The collapse in iron-ore prices prompted UBS Group AG to make a bearish about-face on Brazil’s Vale SA, the world’s second biggest producer. Analysts led by Andreas Bokkenheuser cut ...

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·2021-09-20
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But they consider that overly optimistic, predicting it will drop to around $89. 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But they consider that overly optimistic, predicting it will drop to around $89. Iron ore prices have already tumbled over 50% from this year’s peak and futures sank below $100 Friday as China’s steel-production cuts and property-market downturn hurt demand.</p>\n<p>Read More: Iron Ore’s Brutal Collapse Under $100 Flags More Trouble Ahead</p>\n<p>UBS is the first cut to sell for Vale ADRs in more than four months, according to data compiled by Bloomberg.</p>\n<p>The steep slide in iron prices has offset any positive impact from Vale’s announcement that it is boosting its dividend to 40.2 billion reais ($7.5 billion) at the end of the month as it bounces back from a dam disaster that pummeled production. “Vale’s dividend story gets much less attractive” with iron ore under $100, analysts said. </p>\n<p>Vale ADRs fell as much as 4.7% to $15.94 in New York Friday. </p>\n<p>More stories like this are available on bloomberg.com</p>\n<p>Subscribe now to stay ahead with the most trusted business news source.</p>\n<p>©2021 Bloomberg L.P.</p></body></html>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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But they consider that overly optimistic, predicting it will drop to around $89. Iron ore prices have already tumbled over 50% from this year’s peak and futures sank below $100 Friday as China’s steel-production cuts and property-market downturn hurt demand.\nRead More: Iron Ore’s Brutal Collapse Under $100 Flags More Trouble Ahead\nUBS is the first cut to sell for Vale ADRs in more than four months, according to data compiled by Bloomberg.\nThe steep slide in iron prices has offset any positive impact from Vale’s announcement that it is boosting its dividend to 40.2 billion reais ($7.5 billion) at the end of the month as it bounces back from a dam disaster that pummeled production. “Vale’s dividend story gets much less attractive” with iron ore under $100, analysts said. \nVale ADRs fell as much as 4.7% to $15.94 in New York Friday. \nMore stories like this are available on bloomberg.com\nSubscribe now to stay ahead with the most trusted business news source.\n©2021 Bloomberg L.P.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}