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Fly News Breaks for September 17, 2018
VALE
Sep 17, 2018 | 06:37 EDT
As reported earlier, RBC Capital analyst Tyler Broda downgraded Vale to Underperform from Sector Perform and lowered his price target to $11 from $12. The analyst says that while the management has done a "tremendous job" in "stabilizing the company, reducing capex and de-gearing the balance sheet", he is negative over the short term as long as expectations of iron ore demand from China remain uncertain. Broda adds that even though his base case expectation is for iron ore demand to recover in 2019, its multiple is unlikely to expand, putting its forecast EBITDA at risk. The analyst further cites the possibility of short-term volatility coming around the time of Brazilian elections next month.
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