Citi says Fortescue's Q1 production, costs 'steady', improves profit view

JIANDE INTERNATIONAL HOLDINGS

27/10/2022 18:47

** Citi views Fortescue Metals'  FMG.AX  Sept quarter
production and costs as "steady" and "solid"; says production
not as stellar as June quarter; FMG falls 0.37% 
    ** The miner reported a 4.2% rise in Q1 iron ore shipments
on Thursday, boosted by higher production at its Western
Australia operations  urn:newsml:reuters.com:*:nL4N31R4LB
    ** Brokerage revises co's FY23 EBITDA/NPAT guidance up by
3%-4%; gives 'neutral' rating
    ** Citi says FMG did well to contain costs; maintains price
target at A$17
    ** Brokerage also warns that iron ore prices may be
pressured further as China production slows with the onset of
winter
    ** Stock has fallen 16.4% this year
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))