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UBS has upgraded Fortescue Metals Group Ltd from a Sell to a Neutral rating, adjusting the price target to AUD16.70 from AUD17.30 due to the stock trading below its previous target. Despite concerns over iron ore prices and discounts on lower-grade ore, UBS believes these worries are overstated, forecasting prices to stabilize between US$90 and US$100 per tonne over the next five years. The firm has also revised its earnings per share estimates downwards by 3-6% for fiscal years 2025 to 2027, reflecting a cautious outlook while noting Fortescue's strong financial health.
UBS has upgraded Fortescue Metals Group's stock rating to Neutral from Sell, while lowering the target price to AUD 16.70 from AUD 17.30, following a decline in share price. Analysts believe concerns over iron ore prices and discounts on low-grade ore are overstated, despite a slight increase in the discount rate to 16%. UBS has also revised its earnings per share estimates downwards by 3-6% for the financial years 2025 to 2027, reflecting a cautious outlook while acknowledging Fortescue's solid financial position.
The ASX 200 fell 19 points (-0.23%) to 8333, marking its lowest level in three weeks as markets reassessed the likelihood of an RBA interest rate cut in February following a strong November jobs report, which showed unemployment at 3.9%. The property and consumer discretionary sectors experienced notable declines, while the energy sector rebounded after crude oil prices rose above $70. Technical analysis indicates the index may close below a critical support level, potentially leading to further declines.
Fortescue Metals Group Ltd
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ubs upgrades fortescue stock rating to neutral and lowers target price
07:07 24.03.2025
ubs upgrades fortescue rating to neutral lowers target price to aud 16.70
06:37 24.03.2025
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