Ann: Presentation to Macquarie WA Investor Forum, page-4

JP Morgan left out little MGX in their recommendation so we ride the coat tails of the big blokes, all 3 of them!

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Something for the iron ore bulls
J.P. Morgan is bullish on Australia’s major listed iron ore miners, particularly Rio Tinto and Fortescue Metals, lifting its price targets overnight.
BHP, which the investment bank has a neutral stance towards, had its price target increased by $2 to $39. Rio, deemed as an overweight prospect, is now seen lifting to $102, up from $99 seen previously. Fortescue, also with an overweight rating, had its price target upped by 50 cents to $10.50.
“We believe the 2020 outlook for iron ore prices remains solid,” the bank said. “Despite strong price performances from BHP/RIO/FMG, we continue to be attracted to the stocks from an investment standpoint. Balance sheets are all strong, EBITDA margins are around 50 per cent plus, dividend yields are 5 per cent plus and multiples are un-stretched in our view, particularly against the broader market.”
BHP, Rio and Fortescue shares have risen 1.5, 1.0 and 2.0 per cent respectively today to $37.38, $95.96 and $9.94.
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