Inside the Market’s roundup of some of today’s key analyst actions
In a research note, he said the central driver of its peers “very much revolves around making or missing 2023 guidances” with “significant” estimate revisions leading to “sharp swings” in share prices. That included 21.7-per-cent drop in“As we noted in our initiation report, TI has put forward robust revenue growth expectations for F2023 of 20.3-22.8 per cent ,” he said. “This, in the backdrop of recent downward revisions to estimates and guidance downgrades by comps, appears high to the Street.
Mr. Galappatthige thinks the company’s second-quarter call is likely to provide a clearer picture on its year moving forward. “Even with potential measures to support the beleaguered real estate sector, the return of supply post-Brumadinho and Juukan Gorge combined with lower structural demand for Chinese fixed asset investment, should leave iron ore in a large structural surplus,” he said. “However, unlike a few months ago, sentiment around iron ore now matches our expectations. This has seen VALE underperform and on our calculations VALE is basically pricing in cost support at $75 per ton.
Mr. Broda said the Rio de Janeiro-based firm’s move to separate its base metals assets from its iron ore business is “well telegraphed” at this point, but he thinks “value creation is on its way.”
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