0102 GMT - Fortescue's 3Q hematite production and shipments are largely in-line with expectations, although Iron Bridge production and sales fell short of market estimates due to weather-related disruptions, Jefferies analyst Mitch Ryan says in a note. Operating costs are better than anticipated, he says. No material operational updates are provided and guidance remains unchanged, Ryan notes. "Focus on the iron ore market remains the key near-term catalyst," he says, adding that Jefferies expects prices "to continue a downward trajectory." Jefferies has a hold rating and A$17.00/share target on Fortescue, which is up 2.3% at A$15.82. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
April 28, 2025 21:02 ET (01:02 GMT)
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