VALE (VALE $32.89, NEUTRAL, price target lowered to $33 from $64) SIZE OF INVESTMENT PROGRAMS AND VOLATILITY OF IRON ORE SPOT PRICE, VOLUMES AND NICKEL PRICES MAKE US HESITATE 10/21/2010

VALE (VALE $32.89, NEUTRAL, price target lowered to $33 from $64) SIZE OF
INVESTMENT PROGRAMS AND VOLATILITY OF IRON ORE SPOT PRICE,
VOLUMES AND NICKEL PRICES MAKE US HESITATE 10/21/2010