Fortescue (OTCMKTS:FSUGY) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Fortescue (OTCMKTS:FSUGY) from a hold rating to a strong-buy rating in a research report sent to investors on Wednesday morning,Zacks.com reports.

Separately, The Goldman Sachs Group downgraded shares of Fortescue from a “hold” rating to a “sell” rating and set a $16.90 price objective for the company. in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $16.90.

Fortescue Trading Up 1.0%

Shares of FSUGY opened at $25.80 on Wednesday. The stock has a 50 day simple moving average of $29.40 and a 200 day simple moving average of $29.31. Fortescue has a 52-week low of $20.55 and a 52-week high of $33.44.

About Fortescue

Fortescue (OTCMKTS:FSUGY) is the U.S. over‑the‑counter ticker for Fortescue Metals Group, an Australian company principally engaged in the exploration, mining, processing and sale of iron ore. Since its founding in 2003, the company has developed large‑scale open‑pit operations in the Pilbara region of Western Australia and built integrated infrastructure — including rail and port facilities — to move bulk shipments of iron ore to international steelmakers.

Fortescue’s core products are iron ore lump and fines, which it markets to customers around the world, with strong trade links to Asian steel producers.