There's a 'cocktail' of positive catalysts helping the stock.
Vale has a "cocktail of positive catalysts" that will boost the stock in 2023 and beyond, according to Morgan Stanley. Analyst Carlos De Alba upgraded Vale to overweight from equal weight and upped his price target to $20, which implies upside of 21.7% from Thursday's close. The Brazil-based mining company is mainly focused on iron ore and nickel.
De Alba said the company partnering with an electric vehicle or battery maker could help achieve those goals through upping the perceived value of its nickel and copper business. Reopening measures in China should also help the stock as it's tied directly to iron ore production abilities. A full re-opening is expected by Morgan Stanley in spring 2023, though there will likely be some remaining restrictions as rollout takes place.
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