Macquarie cuts target to AUD 18.00 for Fortescue stock

Published on 10/24/2026 at 19:17 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Shipments fell 5.80 percent to 46.80 million tonnes in the September 2026 quarter. Fortescue stock costs EUR 9.02 on October 24, 2026.

Analyst and operating figures

Macquarie cut its Fortescue target to AUD 18.00 on October 22, 2026.
Fortescue shipped 46.80 million tonnes in the September 2026 quarter, down 5.80 percent year over year.
Fortescue stock costs EUR 9.02 at Lang & Schwarz on October 24, 2026 at 1:04 p.m. CEST.
Fortescue's market capitalization was AUD 43.9 billion as of October 23, 2026.

Fortescue, AU000000FMG4, Illustration mit AI erstellt.

Macquarie cut its Fortescue target to AUD 18.00 on October 22, 2026, according to TradingView. Fortescue stock was trading at EUR 9.02 at Lang & Schwarz on October 24, 2026 at 1:04 p.m. CEST.

September quarter shipments fell

Fortescue shipped 46.80 million tonnes of iron ore in the September 2026 quarter, down 5.80 percent from the same quarter a year earlier. Sales reached 42.90 million tonnes, leaving a 3.90 million tonne gap between shipments and sales, according to Hellenic Shipping News.

Costs rose as product sales lagged

The hematite realized price was USD 79.79 per dry metric tonne in the September 2026 quarter, down 10.20 percent year over year and quarter over quarter. Hematite C1 costs reached USD 21.98 per wet metric tonne, up 21.00 percent year over year. Fortescue kept fiscal 2027 shipment guidance at 197.00 million to 207.00 million tonnes, subject to negotiations with China Mineral Resources Group.

Cash and valuation frame

Fortescue held USD 3.20 billion in cash and reported USD 2.80 billion in net debt at the end of September 2026. The company had shipped 46.80 million tonnes against its full-year guidance by that point. Its market capitalization was AUD 43.9 billion as of October 23, 2026, while the stock's AUD 14.13 to AUD 23.38 52-week range put the latest ASX quote near its lower boundary.

Comparison with peers

Fortescue: down 2.06 percent on October 23, 2026, P/E 10.80, market capitalization AUD 43.9 billion.

BHP Group: down 3.64 percent on October 23, 2026, P/E 20.07, market capitalization AUD 279.8 billion.

Rio Tinto: down 2.68 percent on October 23, 2026, P/E 11.31, market capitalization AUD 211.3 billion.

What matters for the next quarter

The operating gap is the key figure for the next report. Fortescue expects product inventory to rise by another 4.00 million to 5.00 million tonnes in October 2026, while unresolved customer negotiations could affect production if they continue through the end of the calendar year.

Fortescue was trading at EUR 9.02 at Lang & Schwarz on October 24, 2026 at 1:04 p.m. CEST.

The further course of trading is shown by the continuously updated real-time quote of Fortescue stock.