Vale price target lowered to $16 from $17 at Scotiabank

Scotiabank analyst Alfonso Salazar lowered the firm’s price target on Vale to $16 from $17 and keeps a Sector Perform rating on the shares. The firm estimated the Return on Invested Capital, ROIC, for six LatAm mining companies under its coverage, the analyst tells investors. Scotiabank named Vale as one of the three companies that stood out in terms of ROIC performance over a 10-year period.