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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$19.76 |
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Mkt cap ! $60.84B | |||
| Open | High | Low | Value | Volume |
| $19.66 | $19.80 | $19.20 | $191.1M | 9.763M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 4673 | $19.73 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $19.76 | 31740 | 2 |
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