Macquarie downgraded Fortescue Metals (FSUGY) to Underperform from Neutral with a price target of A$16, up from A$15. After incorporating the Q4 result and FY26 guidance, the firm trims its FY25 and FY26 EPS forecasts 1% and 4%, respectively, and cites expectations for weaker iron prices in the second half for its downgrade.
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