Fortescue’s Surge on Iron Gains Leaves Analysts for Dust: ChartBy
Fortescue Metals Group Ltd. is confounding analysts’ expectations as it rides a rebound in the price of iron ore. Shares of the Perth-based producer have more than doubled this year, closing at A$3.89 Monday, compared with a A$2.77 average target price among 15 analyst estimates. “The market has started to gain a bit more confidence in iron ore prices in literally the last couple of weeks,” said David Coates, a Sydney-based analyst at Bell Potter Securities Ltd., who is revising a price target set in April at A$2.95.
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