In a report released today, Hayden Bairstow from Macquarie maintained a Sell rating on Fortescue Metals Group Ltd (FSUMF – Research Report), with a price target of A$16.70. The company’s shares closed yesterday at $15.50.
Bairstow covers the Basic Materials sector, focusing on stocks such as Sayona Mining, Mount Gibson Iron Limited, and Rio Tinto Limited. According to TipRanks, Bairstow has an average return of 10.2% and a 48.36% success rate on recommended stocks.
Currently, the analyst consensus on Fortescue Metals Group Ltd is a Moderate Sell with an average price target of $12.58, representing a -18.84% downside. In a report released on July 19, Citi also downgraded the stock to a Sell with a A$19.40 price target.
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The company has a one-year high of $16.15 and a one-year low of $9.35. Currently, Fortescue Metals Group Ltd has an average volume of 6,095.
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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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