Vale Downgraded to Neutral by BofA with Target Raised to $18
BofA downgraded Vale to Neutral, raising its price target to $18 from $17 after noting a 35% YTD share gain versus a 7% iron ore price drop. Freedom Capital lifted its target to $14.10 from $12 and Vale’s Q4 2025 iron ore sales rose 5%, copper 8% and nickel 5%.
1. BofA Downgrades to Neutral
BofA downgraded Vale to Neutral on February 26, boosting its target to $18 from $17. The firm highlighted a 35% year-to-date share gain against a 7% iron ore price decline, suggesting limited upside given weakening steel demand and falling base-metal prices.
2. Freedom Capital Raises Target
On February 20, Freedom Capital raised its price target to $14.10 from $12 while maintaining a Hold rating. The adjustment reflects expectations for continued copper price strength driven by long-term structural demand in power and infrastructure markets.
3. Q4 2025 and Full-Year Results
Vale delivered robust operational results in Q4 2025, with iron ore sales up 5%, copper up 8% and nickel up 5% year-over-year. Full-year volumes increased 3% for iron ore, 12% for copper and 11% for nickel, meeting all 2025 guidance targets across segments.