Fortescue Metals G Spon (NASDAQ:FSUGY) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a research report issued on Monday. The brokerage presently has a $8.75 target price on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.47% from the company’s current price.

According to Zacks, “Fortescue Metals Group Ltd is engaged in the exploration and mining of iron ore properties. Its properties primarily include the Cloudbreak and Christmas Creek mine sites and the Solomon project located in Pilbara, Western Australia. Fortescue Metals Group Ltd is based in East Perth, Australia. “

Fortescue Metals G Spon (NASDAQ FSUGY) traded down 0.89% during trading on Monday, hitting $7.78. 554,262 shares of the stock traded hands. Fortescue Metals G Spon has a 12 month low of $6.83 and a 12 month high of $11.12. The firm has a 50-day moving average price of $8.63 and a 200 day moving average price of $8.25. The firm has a market cap of $12.10 billion and a PE ratio of 5.81.

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