UBS kept a “neutral” recommendation on Fortescue Metals Group after visiting mines and port and rail facilities and put a $5.60 a share price target on the iron ore miner.
Fortescue’s production issues “are being worked through”, UBS said, and a target of 155 million tonnes a year by the end of the March quarter 2014 remains.
“Opportunities to sweat the assets and use mobile crushing units could lift production to 175-180 million tonnes a year by mid-late 2015,” UBS said.
“Investment in the fifth berth and additional below rail and above rail equipment is needed and possibly the addition of a wet front end on the Firetail ore processing facility.”
Earnings per share were forecast by UBS to be $US1.00 in 2014 and $US1.02 in 2015.
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