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Vale S.A. Message Board

  • johnmarch13 johnmarch13 Sep 11, 2013 8:06 PM Flag

    Vale +2% after J.P. Morgan comes away bullish

    Vale +2% after J.P. Morgan comes away bullish
    J. P. Morgan comes away bullish from its meeting with Vale’s (VALE +2%) top management, assigning a $25 price target, as it sees Vale's savings from cost-cutting are permanent and "present a great source of value generation."Vale so far has realized $1.6B in cost savings during H1, and while the company doesn't have an official savings target, it expects year-end 2013 to finish at more than double H1.Serra Sul S11D is Vale’s main project and J.P. Morgan thinks another $2B can be delivered from proper execution.Vale is more bullish than analysts on iron ore prices, expecting them to stay above $110/ton in the medium to long-term; J.P. Morgan thinks that’s too bullish but believes a long-term price below $100/ton is too conservative.

    Sentiment: Strong Buy

 
VALE
8.03-0.04(-0.50%)May 4 4:00 PMEDT