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Vale, Newmont downgraded at Deutsche Bank; steel outlook bullish

Published 01/16/2018, 02:29 PM
Updated 01/16/2018, 02:29 PM
© Reuters.  Vale, Newmont downgraded at Deutsche Bank; steel outlook bullish

© Reuters. Vale, Newmont downgraded at Deutsche Bank; steel outlook bullish

  • Vale (VALE -2.8%) and Newmont Mining (NEM +0.2%) are downgraded to Hold from Buy at Deutsche Bank (DE:DBKGn), citing their rich valuations and the firm's belief that catalysts for both stocks are largely played out.
  • Meanwhile, Deutsche Bank raises its 2018 and 2019 forecasts for most commodities, particularly for steel (hot-rolled coil up 10% in 2018 to $685/ton) and base metals (copper up 10% to $3.26/lb, aluminum up 9% to $1.03/lb in 2018), and is bullish on the entire steel space, with a preference for Steel Dynamics (STLD -1%), US Steel (X), Reliance Steel (RS +0.8%) and Nucor (NUE -0.3%).
  • But the firm also reiterates a Sell rating on Freeport McMoran (FCX -2.5%) despite the positive environment for copper prices, citing concerns about valuation and delays to resolving problems with the Grasberg mine.
  • Now read: Vale - About To Double?


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