0221 GMT - Macquarie is upbeat on Fortescue's new mine plan, which aims to reduce how much of waste rock it moves. "A shift in product strategy with a 1.6x strip target is significant," say the analysts. They raise the company's FY 2030 EPS estimate by 15%, and Macquarie's price target on the stock rises by 12% to US$18.50/share. Still, the bank reiterates an underperform rating. "Our key concern remains undiversified iron-ore exposure," say the analysts. "However, the company appears to be controlling the controllables." Fortescue is down by 1.5% at A$20.53, erasing much of Thursday's 2.4% gain. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
October 23, 2025 22:21 ET (02:21 GMT)
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