0101 GMT - Fortescue's 2Q iron-ore output is a tad above market expectations, but its realized prices are a miss, says Jefferies analyst Mitch Ryan. "No material operational updates were provided and guidance remains unchanged," he says in a note. As such, Fortescue's stock should continue to take its near-term cues from iron-ore prices, which are likely to soften further, he reckons. Jefferies has a hold rating and an A$20.00 target on Fortescue. The stock is down 1.9% at A$18.66. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
January 22, 2025 20:01 ET (01:01 GMT)
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