UBS Lifts PT on Vale S.A. (VALE) to $10 From $9, Keeps a Neutral Rating

Vale S.A. (NYSE:VALE) is one of the best NYSE stocks to buy under $20. On August 4, UBS raised the firm’s price target on Vale S.A. (NYSE:VALE) to $10 from $9, keeping a Neutral rating on the shares.

Aerial view of a giant iron ore mine, showcasing the mineral deposits of the company’s Ferrous Minerals segment.

The analyst gave the rating after Vale S.A. (NYSE:VALE) reported its Q2 results on July 31, reporting improvement in operational and cost performance across all business segments and all guidances on track.

The company reported that copper and nickel sales rose 17% (12.9 kt) and 21% (7.0 kt) year-over-year, respectively, while iron ore shipments declined 3% (2.4 Mt) year-over-year. The trends reflect the ongoing portfolio optimization strategy by Vale S.A. (NYSE:VALE).

Management also reported that proforma EBITDA totaled $3.4 billion, 7% higher quarter-over-quarter and 14% lower year-over-year. Solid performance by copper and nickel segments and lower C1 cash cost in iron ore partly offset the effect of weaker commodity prices.

Vale S.A. (NYSE:VALE) produces and exports pellets, iron ore, manganese, and iron alloys. Its operations are divided into the Energy Transition Materials, Iron Solutions, and Coal and Others segments.

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Disclosure: None. This article is originally published at Insider Monkey.