I would say the reason for FMG underperforming by so much is the...

I would say the reason for FMG underperforming by so much is the low grade nature of the majority of the material they ship.

They are also a pure play iron ore company, so unlike Champion Iron, it seems their exposure to low grade pricing further exacerbates any negative sentiment in 58% grades (which the bulk of their material is - if I recall correctly)

Also interesting they are neutral on CIA (P/E ratio 13.15 - Div yield 2.36%) with a 17% forecast VS MIN (P/E ratio 31.26 - Div yield 1.47%) outperforming with a 8% increase.

Brokers are full of crap 85% of the time anyways.