Fortescue Energy Spending Cut Good. Market Will Want More -- Market Talk

Dow Jones

02-20

2306 GMT - The market will appreciate some moderation in Fortescue's spending on energy projects, Citi analyst Paul McTaggart says in a note. The iron-ore miner earlier pared FY25 energy capex guidance to US$400 million from US$500 million. "That said, market will want to see energy capex and opex cut further," McTaggart says. Citi has a neutral rating and A$21.00 target on Fortescue. McTaggart reckons the miner's 1H fiscal result will be neutral to mildly negative for its shares. The stock last traded at A$19.45/share. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

February 19, 2025 18:06 ET (23:06 GMT)

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Market Will Want More -- Market Talk\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\">\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-02-20 07:06</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     2306 GMT - The market will appreciate some moderation in Fortescue's spending on energy projects, Citi analyst Paul McTaggart says in a note. The iron-ore miner earlier pared FY25 energy capex guidance to US$400 million from US$500 million. \"That said, market will want to see energy capex and opex cut further,\" McTaggart says. Citi has a neutral rating and A$21.00 target on Fortescue. McTaggart reckons the miner's 1H fiscal result will be neutral to mildly negative for its shares. The stock last traded at A$19.45/share. 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The iron-ore miner earlier pared FY25 energy capex guidance to US$400 million from US$500 million. \"That said, market will want to see energy capex and opex cut further,\" McTaggart says. Citi has a neutral rating and A$21.00 target on Fortescue. McTaggart reckons the miner's 1H fiscal result will be neutral to mildly negative for its shares. The stock last traded at A$19.45/share. (rhiannon.hoyle@wsj.com; @RhiannonHoyle) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  February 19, 2025 18:06 ET (23:06 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1}}}