Morgan Stanley: Too Much Iron Ore, Downgrades Vale
June 12, 2014 9:34 AM ET By Shuli Ren Morgan Stanley lowered its 2H2014 forecast for the price of iron ore to an average of $95 per ton, saying that there is too much iron ore coming from low-cost Australia and Brazil. As such, the broker downgraded Brazilian iron ore producer Vale (VALE) from Buy to Hold, with a new price target of $15.20. Vale generated around 94% ..