New Sell Rating for Fortescue Metals Group Ltd (FSUMF), the Basic Materials Giant
In a report released today, Mitch Ryan from Jefferies maintained a Sell rating on Fortescue Metals Group Ltd, with a price target of A$17.20.
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Ryan covers the Basic Materials sector, focusing on stocks such as Sandfire Resources Limited, Fortescue Metals Group Ltd, and IGO. According to TipRanks, Ryan has an average return of 9.0% and a 62.04% success rate on recommended stocks.
In addition to Jefferies, Fortescue Metals Group Ltd also received a Sell from Morgan Stanley’s Rahul Anand in a report issued on February 5. However, on February 9, Macquarie upgraded Fortescue Metals Group Ltd (Other OTC: FSUMF) to a Hold.
Based on Fortescue Metals Group Ltd’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of A$8.19 billion and a net profit of A$1.89 billion. In comparison, last year the company earned a revenue of A$8.71 billion and had a net profit of A$2.35 billion
Read More on FSUMF:
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- Fortescue Metals price target lowered to A$17.20 from A$18.40 at Jefferies
- Fortescue Wins Alta Copper Shareholder Backing for Full Takeover of Peruvian Copper Project Owner
- Fortescue Wins Alta Copper Shareholder Backing for Full Takeover of Peru Project Owner
- Alta Copper issues update on Fortescue transaction
- Fortescue Delivers Record First-Half Shipments and Advances Decarbonisation and Copper Push
