FMG has now corrected over -18% from its February high, pretty much in line with iron ore which has fallen over 20% during the same period. However, we believe the price of iron ore is much closer to a low than its recent swing high suggesting it’s time to consider starting to accumulate FMG.
- We can easily see FMG falling another $1-2 but we believe it’s time to watch Twiggy Forests iron ore miner carefully.
- This iron ore miner is cheap trading on a PE of 6.7x while being estimated to yield more than 7% over the next 12 months.
MM likes FMG in to current weakness
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