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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