RBS Morgans increases target to $6.40!
Summary:
Post repayment of US$1.640m in March 2014, Fortescue will have reduced its gross debt position by a quarter, or more than US$3bn from its peak gross debt of US$12.7b in June 2013. Under our base case price forecasts (average iron ore price of US$124/t CFR China in 2014), Fortescue will achieve c.40% gearing by December 2014. We raise our NPV-derived target price to A$6.40 and retain our Add rating, with reduced net interest charges the primary reason our FY14F and FY15F EPS increase slightly.
analyst rerating of fmg commences!
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$20.14 |
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-1.180(5.53%) |
Mkt cap ! $62.01B | |||
| Open | High | Low | Value | Volume |
| $20.65 | $20.83 | $20.02 | $262.9M | 12.91M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1250 | $20.14 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $20.15 | 2500 | 1 |
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