Shares of Vale SA (VALE) - Get Report were rising by 1% to $9.64 on Friday afternoon, after the global producer of iron ore and other raw materials for making steel, was upgraded to "market perform" from "underperform" at BMO Capital.

The upgrade is reflective of commodity price forecasts, BMO expects iron ore prices to rise by 16% in 2017 and 22% next year.

BMO increased its price target on Vale to $10 from $7.

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