Even FMG unfriendly (typically) "UBS", is positive about FMG's current position, however share price keeps going down!
Fortescue: UBS lifts price target after solid quarterWilliam McInnes
UBS has increased its price target on Fortescue Metals Group after what it says was a solid quarter for the iron ore miner.
The broker held its buy rating on the stock and increased its price target from $10.70 to $11.50.
Demand for iron ore remains strong. Bloomberg
Fortescue increased its 2020 financial year shipment guidance from between 170 million and 175 million tonnes, to between 175 million and 177 million tonnes.
"Despite restrictions easing, iron ore demand has remained buoyant resulting in a drawdown in Chinese port inventory of 10Mt over the quarter, combined with COVID-19-induced supply-side complications out of South Africa, Canada and Brazil," said analyst Glyn Lawcock.
"Going forward, Chinese stimulus is expected to support demand for steel and in turn iron ore, while near term Europe/Asia steel cuts are a headwind. For the moment the market appears balanced."
UBS noted Fortescue was still pricing in an iron ore price of $US57/dmt assuming a long-run price realisation of 92 per cent, compared to spot iron ore price of $US84/dmt.
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Last
$21.41 |
Change
-0.260(1.20%) |
Mkt cap ! $65.92B | |||
| Open | High | Low | Value | Volume |
| $21.52 | $21.67 | $21.30 | $150.5M | 7.000M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 93 | $21.40 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $21.41 | 12657 | 3 |
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| Last trade - 16.10pm 28/06/2024 (20 minute delay) ? |
| FMG (ASX) Chart |