In a report published Tuesday, Credit Suisse analyst Ivano Westin reiterated a Neutral rating on Vale SA, but lowered the price target from $15.00 to $12.50.
In the report, Credit Suisse noted, “Our base-case scenario assumes an oversupply of iron ore for a longer period, reflecting lower prices than currently forecasted by consensus estimates for Vale. We cap our annual average iron ore forecast at USD 85/t until YE2015, USD 84/t in 2016 and USD 90/t in 2017.”
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