UBS Raises CVRD Equity to Buy

UBS Raises CVRD Equity to Buy

M&A

UBS has upgraded CVRD stock to buy from neutral after the equity market correction. "The stock is 17% below its recent high price of $37.75/share (RIO), and we believe M&A activity potential has improved our iron ore price long-term view, which is positive for CVRD," says the shop. "Also, while some of the concerns we had about CVRD in early October remain, we believe the recent price correction has discounted a higher risk outlook in the short-term," it adds. UBS also raised its earnings estima

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