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Research Alert: CFRA Maintains Hold Recommendation On Adss Of Vale S.a.

-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lift our 12-month target price by USD1 to USD18, assuming an EV/EBITDA of 5.0x our 2027 EBITDA estimate, above VALE's three-year average forward EV/EBITDA of 3.9x but below peers' average of 6.8x. Due to the move in the exchange rate for the Brazilian Real, we decrease our 2026 earnings per ADS estimate by BRL0.46 to BRL10.77 and our 2027 forecast by BRL0.78 to BRL10.97. Vale's fundamental outlook remains balanced but faces notable headwinds. Iron ore prices could soften in 2027 from current levels, pressured by weakening Chinese property sector demand and rising supply from Guinea's Simandou project. However, Vale's premium product mix - particularly low-alumina fines and pellets commanding higher margins - provides partial insulation. Base metals offer upside, with copper and nickel production targeting 13% and 12% growth respectively in 2026. The company maintains disciplined capital allocation, with USD5.5B capex in 2025 and an attractive ~6% dividend yield supported by robust free cash flow generation.

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Research Alert: CFRA Maintains Hold Opinion On Shares Of Cleveland-cliffs Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our 12-month target by $2 to $10, on an EV/EBITDA of 8.0x our 2027 EBITDA estimate, below CLF's three-year avg. fwd EV/EBITDA of 8.6x and below peers' avg. of 8.8x. We keep our 2026 estimate at a loss per share of $0.39 and we lower our 2027 EPS forecast by $0.26 to $0.55. We forecast sequential improvement through 2026 as trade enforcement supports domestic steel pricing and demand strengthens, particularly in automotive. We anticipate positive free cash flow generation starting in Q2 2026, with Q3 representing the company's full earnings power given minimal outages. Key tailwinds include steel import volumes at post-financial crisis lows, aluminum-to-steel substitution gaining momentum across automotive and other sectors, and extended lead times reflecting healthy market conditions. However, we remain cautious on CLF's elevated leverage (net debt of $7.7 billion) and execution risk on the pending POSCO transaction. We think a Hold rating is appropriate until CLF demonstrates sustained EBITDA growth.

$CLF
Australia

Intel Posted Solid Q1 Results, but Recovery Already Priced Into the Stock, BofA Says

Intel (INTC) posted solid Q1 results, but the company's recovery is well-priced into the stock, and the foundry segment must prove to external clients amid diversification away from Taiwan Semiconductor Manufacturing (TSM), BofA Securities said in a Friday research report.Limited memory supply is a challenge to server hardware shipments, while new foundry deal wins will need more capex, pushing out breakeven beyond the end of 2027, according to the note.The brokerage said it raised its 2026, 2027, and 2028 EPS forecast to $1.04, 1.58, and $2.25, respectively, from $0.63, $1.14, and $1.50 earlier.Despite near-term benefits from rising demand for server central processing units, rival Advanced Micro Devices (AMD) likely has a better x86 server CPU product, analysts wrote.The brokerage said it reiterated its underperform rating on the stock and adjusted its price target to $56 per share from $48.Price: $82.20, Change: $+15.42, Percent Change: +23.09%

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Australia

JPMorgan Adjusts Invesco Price Target to $25 From $30, Maintains Neutral Rating

Invesco (IVZ) has an average rating of overweight and mean price target of $26.82, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $25.47, Change: $+0.09, Percent Change: +0.37%

$IVZ