The surprising resilience in iron ore prices despite an uncertain outlook for the key steelmaking ingredient has brokers at UBS reconsidering their outlook for Fortescue, one of the country’s largest producers.
In a note to clients, the investment bank upgraded the Andrew Forrest-chaired company and removed a recommendation to sell shares.
Source: https://www.afr.com/markets/equity-markets/ubs-says-the-market-is-too-pessimistic-about-fortescue-after-11pc-fall-20250324-p5lm1g