Jefferies Tuesday said that mining stocks will continue to rise despite slowing economies in Europe and the U.S. Christopher LaFemina an analyst upgraded shares in several mining companies, including Rio Tinto (and Vale), to hold. He stated in a note that although the sector is volatile, it can still benefit from recovery in China. His words were: “Macro risk are clearly high as an economic hurricane may be coming. But we would still buy the miners for rideout the storm, maximize leverage to support the recovery.” LaFemina says that many stocks provide a variety of security attributes, making them an “implicitly baked-in inflation shield.” These characteristics include low valuations, high yields, clean balance sheets and low valuations. He stated that mining is expected to outperform in an environment where the US, Euro and Euro economies slow. The sector also offers high leverage for a recovery. The risk/reward tradeoff is compelling, at least on a relative basis, especially if the Chinese economy stabilizes/recovers.” Rio Tinto has risen more than 32% this year and Rio Tinto by 13%, so both stocks are more likely to continue their run. Rio Tinto shares can return up to 22.5%, based upon Jefferies’ target price of $93 per Share. Vale is expected to add 29.4% with a target price of $24 Per Share. — CNBC’s Michael Bloom contributed reporting