Fortescue Metals upgraded to Sector Perform from Underperform at RBC Capital

RBC Capital upgraded Fortescue Metals to Sector Perform from Underperform with a A$20 price target. The company’s hematite operations are performing well, and despite elevated capex, RBC continues to see Fortescue generating solid free cash flow, the analyst tells investors in a research note. The firm cites the recent share weakness for the upgrade.