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FMG - Morgans rates the stock as Hold
BY BROKER NEWS - 04/08/2017 | VIEW MORE BROKER UPDATES

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FMG - FORTESCUE METALS GROUP LTD


Morgans believes the stock is trading close to fair value, and with benchmark iron ore prices back above US$70/t the broker downgrades to Hold from Add.

The broker suspects the stock could rally from this point if the large discounts on its lower-grade iron ore starts to normalise  towards the long-term range. To get there though, China needs to absorb a large stockpile that has been building at port. Target is $5.95.

Sector: Materials.

Target price is $5.95.Current Price is $5.67. Difference: $0.28 - (brackets indicate current price is over target). If FMG meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).



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The content of this information does in no way reflect the opinions of FN Arena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FN Arena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface. This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FN Arena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

 

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