高盛下调淡水河谷评级，称金属价格走弱限制上涨空间

Vale (VALE) down 0.7% in Monday's trading as Goldman Sachs downgrades the iron ore and base metals miner to Neutral from Buy with a $16 price target, lowered from $18, saying the shares are likely to see little growth as metal prices continue to slide.
Goldman's bull thesis on Vale (VALE) has been supported by a combination of improving operational performance, rising and resilient commodities prices, and an attractive valuation gap compared to peers and the historical average, but analyst Marcio Farid says he now expects prices for the miner's key metals will come in "flat to down, while operational performance has been largely delivered and has limited room to improve due to macro tailwinds, and copper growth is long dated."
At the same time, the stock is now less attractive following a re-rate and a greater than 70% rise in the price since January 2025, the analyst says.
Iron ore prices have proved more resilient than expected, but Farid thinks the current ~$100/ton level is close to the peak for the current cycle in view of rising global supply and limited demand growth, while on the base metals side, Goldman's commodities team also expects limited price growth, and Vale (VALE) is not likely to see more meaningful copper production growth until the next decade.