Vale stock rated buy with 25% upside on copper growth and strong iron ore performance

Vale is recommended as a buy with a target upside of 25%, driven by a re-rating to 6x EBITDA. The company plans to double copper output by 2035, increasing the base metals division's contribution to 30–35% of EBITDA, which adds strategic value. Management focuses on organic growth and self-financed expansion, avoiding an IPO to retain internal value. Vale currently trades at a discount compared to diversified peers, with potential growth catalysts from base metals and stable iron ore operations.