Credit Suisse notes Fortescue Metals Group presented a solid set of December quarter numbers, ahead of expectations. It looks like the company may yet again beat its own guidance, suggests the broker. Full-year guidance remains unchanged.
Credit Suisse highlights update on the Iron Bridge project will be the key focus at the result, to be held on February 18.
Neutral and $16.50 target retained.
Sector: Materials.
Target price is $16.50.Current Price is $22.73. Difference: ($6.23) – (brackets indicate current price is over target). If FMG meets the Credit Suisse target it will return approximately -38% (excluding dividends, fees and charges – negative figures indicate an expected loss).
