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Morgans upgrades Fortescue Metals Group Ltd (FSUMF) to a Hold

Tipranks - Tipranks - Thu Feb 26, 6:12PM CST

In a report released today, Adrian Prendergast from Morgans upgraded Fortescue Metals Group Ltd to a Hold, with a price target of A$20.60.

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According to TipRanks, Prendergast is a 5-star analyst with an average return of 17.8% and a 58.57% success rate. Prendergast covers the Energy sector, focusing on stocks such as Santos Limited, Beach Energy , and Comet Ridge Ltd.

In addition to Morgans, Fortescue Metals Group Ltd also received a Hold from UBS’s Lachlan Shaw in a report issued yesterday. However, today, Morgan Stanley maintained a Sell rating on Fortescue Metals Group Ltd (Other OTC: FSUMF).

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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

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