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Hot Stocks: Despite Lowered Target, Vale Still Poses Potential 59% Gain, Analyst Says
Riddle me this: When is it good news when an analyst slashes his price target for a stock by 55%?
Answer: When that “reduced” target price still represents a 59% gain.
That’s precisely the scenario facing Companhia Vale do Rio Doce (ADR: RIO), the world’s biggest iron-ore producer. Felipe Reis, an analyst for Banco Santander SA (ADR: STD), yesterday (Monday) slashed his target price for the U.S.-listed shares by more than half, stating that the worldwide outlook has become “more challenging.”
Reis, who previously had placed a year-end 2009 price target of $40 a share Vale’s U.S.-listed American Depository Receipts (ADRs), now says…
19Nov2008 | Money Morning | Comments Off | Continued
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