Goldman Sachs Adds RIO to Conviction Buy List (RIO)
March 24, 2008 by Douglas A. McIntyreGoldman Sachs is maintaining its Buy rating this morning on Companhia Vale do Rio Doce (NYSE: RIO), but the firm is adding the stock to its Americas Conviction Buy List. Shares are down over 13% over the past month, worse than -2% for S&P 500. Goldman also notes that shares look fairly inexpensive. In fact, it sees an 88% upside opportunity to its 12 month target of $58 per ADR. The company settled 2008 pellet prices at an 87% year over year increase, well above Goldman Sachs projected 45% increase. The firm also believe that iron ore consumption will be less affected than other metals due to the industrialization and urbanization in BRIC countries.
Jon C. Ogg
March 24, 2008
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