<div id="readability-page-1"><p>In a report released today, Alexander Pearce from BMO Capital reiterated a Buy rating on Vale SA, with a price target of <span id="expert-recommendation-target">$18.00</span>.</p><div><p>Alexander Pearce has given his Buy rating due to a combination of factors that highlight both operational strength and valuation appeal at Vale. He notes that the iron ore business ended the year solidly, with production and sales broadly matching expectations and slightly exceeding company guidance on an annual basis, while realized prices held steady. At the same time, the base metals segment outperformed, with copper and nickel volumes surpassing forecasts and guidance, driven in particular by record output at Salobo and a successful ramp-up at Onça Puma. This operational momentum leads him to make modest upward revisions to near‑term estimates and to expect continued improvements through 2026.</p><p>  Pearce points out that Vale’s reaffirmed 2026 production guidance across key commodities, combined with incremental upgrades to copper forecasts, supports an outlook of roughly 10% EBITDA growth. On his updated numbers, Vale trades at about 5x EV/EBITDA with a dividend yield around 6%, levels he views as compelling versus peers. Strong cash generation from both iron ore and base metals also creates scope for potential special dividends or a restart of share buybacks. Taken together, these factors underpin his view that Vale offers attractive risk‑reward, justifying a Buy rating and a higher target price of US$18.</p></div><p>In another report released today, Jefferies also reiterated a Buy rating on the stock with a $20.00 price target.</p></div>

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<p>BMO Capital's Alexander Pearce has reiterated a Buy rating on Vale SA, raising the price target to $18.00, citing operational strength and appealing valuation. Vale's iron ore production met expectations, while base metals, particularly copper and nickel, exceeded forecasts. With a projected 10% EBITDA growth and a compelling valuation at 5x EV/EBITDA and a 6% dividend yield, Pearce sees attractive risk-reward. Jefferies also maintains a Buy rating with a $20.00 target price.</p>

- BMO Capital's Alexander Pearce reaffirmed a buy rating for Vale SA with a target price of $18.00, citing the company's operational strength and attractive valuation.  
- Pearce noted that Vale's iron ore business performed well at year-end, with production and sales meeting expectations, while the base metals segment excelled due to record output from Salobo and Onça Puma.  
- Jefferies also reiterated a buy rating for Vale with a target price of $20.00, reflecting a consensus on the stock's potential.

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Invesco DB TR Base Metals ETF

ISHRS MSCI Glb Slct Met & Mining

Vale SA

Global X Brazil Active ETF

ISHRS L Amer 40

Leverage Shares 2X Long VALE Daily ETF

iShares Copper and Metals Mining ETF

OTG Latin America ETF

SPDR S&P Mtls & Mng

Vale: Operational Outperformance and Attractive Valuation Support Buy Rating and Higher Target Price