Morgan Stanley upgraded Fortescue Metals (FSUGY) to Overweight from Equal Weight with a price target of A$16.60, down from A$18.15, as part of a broader research note on Australia materials. Any potential near term iron ore weakness looks fairly priced in heading into FY26, and the company continues to have strong cash generation, while the ramp-up at Iron bridge should improve group average iron ore grades, the analyst tells investors in a research note.
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