Major Banks Ratings | Goldman Sachs: Downgrades Vale to "Neutral" Due to Lack of Short-Term Catalysts

Glonghui, July 28 | Goldman Sachs downgraded Vale’s rating from “Buy” to “Neutral,” citing a lack of short-term catalysts for the Brazilian mining giant, and lowered its 12-month target price from $18 to $16. Goldman Sachs expects the prices of Vale’s major metals to remain flat or decline, and notes that the company’s operational performance has already largely benefited from macro tailwinds, leaving limited room for further improvement, with copper growth considered a long-term plan. Goldman Sachs also pointed out that since January 2025, Vale’s share price has risen by more than 70%, and its valuation appeal has significantly decreased due to repricing.