Bernstein Maintains a Hold on Vale S.A. (VALE) With a PT of $11.50

Vale S.A. (NYSE:VALE) is one of the best stocks under $10 to buy right now. On August 14, Bernstein analyst Bob Brackett maintained a Hold rating on Vale S.A. (NYSE:VALE) and set a price target of $11.50.

The analyst gave the rating after Vale S.A. (NYSE:VALE) reported its Q2 results on July 31, reporting operational and cost performance improvement across all business segments, with all guidance on track.

Management reported that pro forma EBITDA totaled $3.4 billion, 7% higher quarter-over-quarter and 14% lower year-over-year. Solid performance by copper and nickel segments and lower C1 cash cost in iron ore partly offset the effect of weaker commodity prices.

The company also reported that copper and nickel sales rose 17% (12.9 kt) and 21% (7.0 kt) year-over-year, respectively, while iron ore shipments declined 3% (2.4 Mt) year-over-year. The trends reflect the ongoing portfolio optimization strategy by Vale S.A. (NYSE:VALE).

Vale S.A. (NYSE:VALE) produces and exports pellets, iron ore, manganese, and iron alloys. Its operations are divided into the Energy Transition Materials, Iron Solutions, and Coal and Others segments.

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Disclosure: None. This article is originally published at Insider Monkey.