In a report released today, Saul Kavonic from Credit Suisse maintained a Hold rating on Fortescue Metals Group Ltd (FSUMF – Research Report), with a price target of A$15.70. The company’s shares closed yesterday at $11.50.
Kavonic covers the Basic Materials sector, focusing on stocks such as Rio Tinto Limited, Fortescue Metals Group Ltd, and Allkem Limited. According to TipRanks, Kavonic has an average return of 1.1% and a 47.92% success rate on recommended stocks.
In addition to Credit Suisse, Fortescue Metals Group Ltd also received a Hold from Shaw and Partners’s Peter O’Connor in a report issued on August 30. However, on the same day, CLSA downgraded Fortescue Metals Group Ltd (Other OTC: FSUMF) to a Sell.
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FSUMF market cap is currently $34.48B and has a P/E ratio of 5.85.
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Fortescue Metals Group Ltd. engages in the development of iron ore deposits. It operates through the China and Other geographical segments. Its projects include Chichester Hub, Solomon Hub, Port Hedland, Eliwana, Iron Bridgen and copper-gold exploration. The company was founded by John Andrew Henry Forrest in April 2003 and is headquartered in East Perth, Australia.
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