Freedom Broker downgraded Vale S.A. (VALE) to a Sell rating.
The firm lowered its price target for the stock to $12.00 from $14.60.
Analyst Vitaly Kononov cited a disparity between the company's growth focus and its core business structure.
Growth is increasingly concentrated in the Base Metals unit while the majority of assets remain in iron ore.
BofA Securities also recently downgraded Vale from Buy to Neutral.
BofA highlighted a weak iron ore outlook and potential earnings revisions due to rising costs.