MARKETS SPECTATOR: Fortescue fires the buyers

Buyers are stepping into Fortescue after broker Morgan Stanley upgraded its take on the iron ore producer following an operations tour.

Following its 2012 site tour of Fortescue’s operations, Morgan Stanley said it has increased confidence in its project delivery schedule, prompting it to increase its iron ore production for fiscal 2013 to 85Mt from 84Mt.

The broker believes this is possible if the production rate of 95Mtpa by end-2012 at its Chichester operation is achieved and is supported by approximately 3Mt of ‘early ore’ from Fortescue’s Firetail project.

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