5 days ago
Fortescue Metals Group Ltd (FSUMF): New Buy Recommendation for This Basic Materials Giant
Morgans analyst Adrian Prendergast upgraded Fortescue Metals Group Ltd (FSUMF – Research Report) to a Buy today and set a price target of A$18.80. The company's shares closed last Monday at $10.00.
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Prendergast covers the Energy sector, focusing on stocks such as Karoon Energy Ltd, Beach Energy , and Amplitude Energy. According to TipRanks, Prendergast has an average return of 12.0% and a 51.74% success rate on recommended stocks.
In addition to Morgans, Fortescue Metals Group Ltd also received a Buy from Morgan Stanley's Rahul Anand in a report issued on May 23. However, on the same day, UBS maintained a Hold rating on Fortescue Metals Group Ltd (Other OTC: FSUMF).
FSUMF market cap is currently $29.91B and has a P/E ratio of 7.89.
Based on the recent corporate insider activity of 12 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of FSUMF in relation to earlier this year.
