Fortescue Metals Group remains a "sell" at Citi with a target price of $1.50. "FMG delivered a strong operating performance to ship 165.4mt in FY15, with costs down 14 per cent to US$22 a tonne in 4Q15 and below our estimate. Realised price was also ahead of our estimate, driving a modest FY15 earnings upgrade. Citi's Commodity team remains bearish on iron ore due to weak demand and increasing supply with prices expected to fall below $US40 a tonne by end-15." JPMorgan has an "underweight" recommendation on the iron ore producer and a price target of $1.65, because despite "impressive production and cost management, the iron ore price outlook remains bearish". Deutsche Bank rates FMG a "sell" with a price target of $1.45, while Credit Suisse rates the company as an "outperform".
Iron Ore Price, page-786
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Last
$17.73 |
Change
-0.210(1.17%) |
Mkt cap ! $54.59B | |||
| Open | High | Low | Value | Volume |
| $17.86 | $18.00 | $17.67 | $106.1M | 5.956M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 3136 | $17.73 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $17.76 | 10562 | 2 |
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| FMG (ASX) Chart |