Vale's Third-Quarter 2016 Broadly In Line With Our Expectations; Shares Remain Overvalued
Vale posted third-quarter results in line with our expectations. We think shares continue to bake in unsustainably high commodity prices. In particular, we think the recent iron ore and metallurgical coal rallies will end, as currently tight market conditions will loosen with weaker demand and additional supply coming on line. While we raise our fair value estimate slightly to $2.60 from $2.50 due to higher near-term met coal prices, we continue to view shares as meaningfully overvalued.Benchm...
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