Scotiabank Nudges Vale Price Target Higher to $16.50, Keeps Sector Perform Rating
Scotiabank raised its price target on Vale S.A. to $16.50 from $15.00 while retaining a Sector Perform rating, citing the miner's extended rally and attractive yield metrics. The bank said it still does not see the conditions for the rally to continue to levels that would justify a more positive rating, flagging iron ore oversupply risks and the ne…