After a more than 27% slump, this mining stock trades at a steep valuation discount, JPMorgan says.
Shares of metals and mining company Vale look too cheap to ignore after a major de-rating, according to JPMorgan. Analyst Rodolfo Angele upgraded Vale to overweight from neutral, citing an inexpensive valuation after the more than 27% slump in shares year to date. Its valuation sits at 4.2 times 2024 enterprise value to EBITDA from a peak of 5.9 times. The stock also trades at a discount to peers, he said.
mountain Vale shares in 2023 "Vale had a very challenging start to the year, marked by low volumes, operating challenges and high costs," he wrote. "However, the coming quarters should look better." Angele lifted his price target on U.S.-listed shares to $16 from $15, reflecting more than 21% upside from Thursday's close. The stock added about 1% before the bell.
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