Vale S.A. board member Marcelo Gasparino resigned on Monday following persistent governance disputes. Goldman Sachs downgraded the stock from Buy to Neutral and cut its price target from $18 to $16.
The company achieved its strongest second-quarter iron ore production since 2018. Output for copper and nickel also rose year-over-year.
Scotiabank reduced its 2026 earnings per share estimate to $2.22 from $2.56. It maintained a Sector Perform rating and a $16 price target. Lazard Asset Management LLC expanded its holdings in the company during the first quarter.