UBS downgraded Vale (VALE) to Neutral from Buy with a price target of $11.50, down from $14. The firm remains concerned about iron ore fundamentals medium-term and sees downside to the spot price. China steel exports are vulnerable to global restrictions and are unlikely to be fully offset by stimulus, the analyst tells investors in a research note. UBS expects Vale to only return its base dividend to shareholders in 2025 and 2026.
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