Commonwealth Bank Reiterates Overweight Rating for Fortescue Metals Group (FMG)
Fortescue Metals Group (ASX:FMG)‘s stock had its “overweight” rating reaffirmed by stock analysts at Commonwealth Bank in a report issued on Sunday, Analyst Ratings.Net reports.
Fortescue Metals Group (ASX:FMG) traded up 0.42% during mid-day trading on Friday, hitting A$4.790. 285,964 shares of the company’s stock traded hands. Fortescue Metals Group has a 52-week low of A$2.810 and a 52-week high of A$5.470. The stock has a 50-day moving average of A$3.37 and a 200-day moving average of A$3.90. The company has a market cap of A$14.915 billion and a P/E ratio of 8.50.
Several other analysts have also recently commented on the stock. Analysts at Morgan Stanley reiterated an “overweight” rating on shares of Fortescue Metals Group (ASX:FMG) in a research note to investors on Sunday. Separately, analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Fortescue Metals Group (ASX:FMG) in a research note to investors on Thursday. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of A$4.85 ($4.53).
Fortescue Metals Group Limited (ASX:FMG) is an iron ore producer and explorer.
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