- Bernstein analyst Paul Gait lowers his FY 2014 earnings outlook for Vale (VALE +0.7%) to $2.15/share, down from his prior estimate of $2.55, after Q2 earnings missed expectations.
- Although revenue should grow in H2 on higher production and possible stronger iron ore prices, costs should increase too, Bernstein says while maintaining its thesis that supports Vale’s high-quality assets and its growing presence in base metals.
- The firm expresses some concern that Vale's ambitions to regain the market share it has lost in the iron ore market over the past decade "could translate into a relaxation in the company’s capital discipline."
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