Fortescue Metals upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Fortescue Metals to Overweight from Neutral with a price target of A$23.50, up from A$20. Iron ore prices “look well supported “on the back of resilient Chinese steel production, port restocking and recent policy easing, the analyst tells investors in a research note. The firm believes China steel cuts will be “aggressively implemented.” From an investment standpoint, the iron ore miners are JPMorgan’s preferred sub-sector within the Aussie metals and mining space. The firm says Fortescue shares are “deeply under-held” in Australia.