Fortescue Metals reports shipping 46m tonnes of iron ore in the first quarter of the financial year, representing a -3% year-on-year decline adn -6% quarter-on-quarter decline, but average realised prices of US$100 per metric tonne was 14% year-on-year. 

Ord Minnett continues to expect Fortescue Metals will deliver sales of 192m tonnes over the full year, a similar result to the previous year, and that sales will rise to around 210m tonnes from 2026 or 2027 as Iron Bridge production ramps up. 

The Lighten rating and target price of $16.00 are retained.

Sector: Materials.

Target price is $16.00.Current Price is $22.25. Difference: ($6.25) - (brackets indicate current price is over target). If FMG meets the Ord Minnett target it will return approximately -39% (excluding dividends, fees and charges - negative figures indicate an expected loss).

© 2023 Acquisdata Pty Ltd., source FN Arena