VALE (VALE $33.43, rated Overweight) PRICE TARGET LOWERED TO $40 FROM $49 BASED ON ESTIMATED $12/T ASIAN FREIGHT DISCOUNT TO ORE PRICES AND 88% UTILIZATION RATES ON SLOWER CAPACITY GROWTH 7/5/2011
VALE (VALE $33.43, rated Overweight) PRICE TARGET LOWERED TO $40 FROM
$49 BASED ON ESTIMATED $12/T ASIAN FREIGHT DISCOUNT TO ORE PRICES
AND 88% UTILIZATION RATES ON SLOWER CAPACITY GROWTH 7/5/2011