FMG Technical Analysis, page-9878

FMG FORTESCUE METALS GROUP LIMITED $14.50 TARGET

Iron Ore - Overnight Price: $21.68

Goldman Sachs rates ((FMG)) as Sell (5) -

Fortescue Metals reported a June quarter operating result that was in line with Goldman Sachs' estimates. The main focus was on FY24 guidance and the ramp up of Iron Bridge magnetite.

Guidance of 90 2-19 7mt for FY24 iron ore shipments includes 7mt from Iron Bridge, which implies a step down in haematite production. The broker notes the company is still aiming to take five decarbonisation projects to FID stage by the end of 2023.

Goldman Sachs retains a Sell rating for Fortescue Metals and reduces the target to $14.50 from $15.00.

This report was published on July 27, 2023.

Target price is $14.50 Current Price is $21.68 Difference: minus $7.18 (current price is over target).
If FMG meets the Goldman Sachs target it will return approximately minus 33% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $16.85, suggesting downside of -23.0%(ex-dividends)
The company's fiscal year ends in June.