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Fortescue Metals (FMG) $14.28

Yesterday saw iron ore fall to fresh 16-month lows as it looks for a new level of equilibrium but encouragingly FMG maintained its hold on the $14 area. We continue to believe that FMG represents good value at current levels and a minor recovery in iron ore could easily see the stock 20% higher i.e. a stock that doesn’t fall on bad news is strong, or in this case looking for a low. Also the stock pays its next dividend in February which might start to garner some attention from the income hungry over the coming weeks.

MM is bullish FMG initially looking for 20% upside
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Fortescue Metals (FMG)
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