buy
9.875% WEATHERFORD 2039 @100.37
8.25% VALE 2034 @95.6685
Vale upgraded at UBS, which says commodity prices are normalizing
Vale (VALE -2.7%) is upgraded to Neutral from Sell with a $5.30 price target at UBS, which says commodity prices are normalizing following the previous supercycle China had fueled, as reported by Barron's.UBS analyst Andreas Bokkenheuser argues somewhat unconventionally that company profit margins drive commodity prices, not the other way around, thus "Vale’s future profitability should reflect a balanced iron ore market at mid-cycle margins.”Earlier: Vale Q3 iron ore production rises to new record (Oct. 19)
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