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Vale upgraded, Antofagasta downgraded at Jefferies in mining shuffle

Dec. 11, 2019 3:42 PM ETVale S.A. (VALE) Stock, ANFGF StockANFGF, VALE, ANFGYBy: Carl Surran, SA News Editor1 Comment
  • Vale (VALE +2.2%) is higher after Jefferies upgrades shares to Buy from Hold with a $16 price target, up from $13, as part of a broader sector note on metals and mining.
  • Jefferies analyst Christopher Lafemina expects miners as a whole to benefit from ongoing strength in iron ore and the beginning of a cyclical recovery in copper and other industrial commodities in 2020.
  • On Vale specifically, Lafemina cites his "stronger for longer" iron ore view as well as valuation and what he sees as operational upside.
  • In downgrading Antofagasta (OTC:ANFGF) to Hold from Buy, the analyst expects the company to benefit from his bullish view on copper prices but he sees capex risk along with geopolitical risk in Chile, leading him to view the shares as fairly valued.
  • Vale's average Sell Side Rating is Bullish, but both its Seeking Alpha Authors' Rating and Quant Rating are Neutral.

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