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RIO Remains a Hold
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ShareWe are reiterating our Hold recommendation on Companhia Vale do Rio Doce, or CVRD (RIO). As a result of the challenging international economic environment for cyclical industries like mining, RIO reported weak numbers for the 4th quarter of 2008.
The stock's current valuation already discounts a deep, worldwide economic recession. At this point, however, it is not clear how long this difficult economic environment will last.
At the beginning of 2009, negotiations between RIO and its Chinese customers will provide a clearer outlook for the company's short-term earnings. Until then, we remain on the sidelines, and have a 6-month target price of $14.50.
Read the full analyst report on RIO
Read the full analyst report on RIO
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-3.21 %
