RBC trims rating on Vale after faster-than-peer re-rating; lifts ADR target
RBC moved Vale S.A. from Outperform to Sector Perform, saying the stock's rapid re-rating versus major diversified miners leaves little upside. The firm raised its ADR price target to $15.50 from $14.50 based on higher copper and nickel price assumptions, and modestly increased its adjusted EBITDA forecasts for 2026-2028.