Fortescue shares are up nearly 150 per cent this year, while BHP is up 13 per cent and Rio has gained 26 per cent.
In a note to clients, Macquarie analysts said the strength in iron ore spot prices was in line with its forecasts and as a result there "was no material earnings upgrade potential".
But it said there was significant upside earnings potential for Fortescue in the 2021 fiscal year of about 70 per cent, and between 20 per cent and 30 per cent for BHP and Rio respectively.
"We retain our positive view on Fortescue with the stock boasting strong medium-term earnings upgrade potential under a spot price scenario," Macquarie told clients.
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Last
$21.82 |
Change
-0.590(2.63%) |
Mkt cap ! $67.18B | |||
| Open | High | Low | Value | Volume |
| $22.18 | $22.19 | $21.80 | $110.2M | 5.031M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 6 | 11208 | $21.81 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $21.82 | 8653 | 1 |
View Market Depth
| Last trade - 16.10pm 08/07/2024 (20 minute delay) ? |
| FMG (ASX) Chart |