5 Oversold Blue Chip Stocks to Buy Right Now

3. Vale S.A. (NYSE:VALE)

14-day RSI: 30.96

Number of Hedge Fund Holders: 34

Rio de Janeiro, Brazil-based Vale S.A. (NYSE:VALE) is a global mining company producing iron ore, pellets, and nickel. In addition to mining, it has operations in logistics, energy, and steelmaking.

On February 22, Vale S.A. (NYSE:VALE) released its financial results for Q4 2023. Its net operating revenue increased by 9% y-o-y to $13.1 billion, while net income declined by 35% y-o-y to $2.4 billion. Its normalized EPS of $0.67 missed consensus by $0.26.

On March 8, RBC Capital analyst Marina Calero lowered the price target for Vale S.A. (NYSE:VALE) shares from $19 to $18.5 and maintained an ‘Outperform’ rating for its shares. The target price represents a potential upside of 50.65% based on the latest share price.