As previously reported, Jefferies analyst Christopher Lafemina upgraded Vale (VALE) to Buy from Hold with a $16 price target, up from $13, and downgraded Antofagasta (ANFGY) to Hold from Buy with a price target of 950 GBp, down from 1,050 GBp, as part of a broader sector note on metals & mining. In speaking about the sector as a whole, Lafemina said he expects miners to benefit from ongoing strength in iron ore and the beginning of a cyclical recovery in copper and other industrial commodities in 2020. On Vale specifically, he cited his "stronger for longer" iron ore view, as well as valuation and what he sees as operational upside. While he expect Antofagasta to benefit from his bullish view on copper prices, Lafemina sees capex risk along with geopolitical risk in Chile, leading him to view the shares as fairly valued at the current price when compared to Freeport McMoRan (FCX) and First Quantum Minerals (FQVLF), which trade at discounts to their net present values.