The Fortescue Ltd (ASX: FMG) share price is $21.05, up 0.94% on the final day of earnings season on Friday.
The ASX 200 mining giant was one of the biggest names to deliver their 1H FY26 reports this week.
Fortescue reported a 10% increase in revenue to US$8.4 billion for the first half of FY26 on Wednesday.
Underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 23% to US$4.5 billion, with a 53% margin.
The net profit after tax (NPAT) was US$1.9 billion, up 23%.
Fortescue shares will pay a fully-franked interim dividend of 62 cents per share, up 24% on the 1H FY25 dividend.
The ASX 200 mining share goes ex-dividend on Monday, and is one of scores of stocks with ex-dividend dates next week.
On the day of the 1H FY26 results, the Fortescue share price rose 4.55% to $21.12.
Five brokers have now reviewed Fortescue’s results and re-rated the stock with fresh 12-month price targets.
Let’s check them out.
Will the Fortescue share price rise from here?
The most ambitious price target among the five broker opinions we’ve seen here at The Fool is $22.50.
That target comes from Ord Minnett, and is actually lower than the broker’s previous target of $23.
However, Ord Minnett retains a buy rating on Fortescue shares post-results.
Macquarie gives the ASX 200 mining stock a hold rating with a price target of $22.
Morgans upgraded Fortescue shares to a hold rating with a price target of $20.60.
However, Morgans is concerned about Fortescue’s “speculative spend” on projects that are yet to deliver any earnings.
In a new note, Morgans said:
The hematite business delivered a 5% EBITDA beat; the problem is what happens to the cash after that.
A strong hematite result, but 43% of group capex is directed to activities generating zero current earnings, compressing FCF conversion to 48% and ROCE to 19%.
NPAT miss reflects rising capital intensity, with a sharp rise in D&A.
Post recent pullback we upgrade to HOLD.
UBS kept its hold rating in place with a target of $20.
The most pessimistic broker is Morgan Stanley.
Morgan Stanley reiterated its sell rating on Fortescue shares with a price target of $19.
Fortescue share price snapshot
The Fortescue share price is down 5% in the year to date (YTD) compared to a 5% uplift for the S&P/ASX 200 Index (ASX: XJO).
Fortescue shares appear to have decoupled from the market’s three other ASX 200 large-cap iron ore shares in the new year.
The BHP Group Ltd (ASX: BHP) share price is up 25% in the YTD, while Rio Tinto Ltd (ASX: RIO) shares are up 13.2%.
The Mineral Resources Ltd (ASX: MIN) share price is 10.2% higher YTD.
The post What’s next for the Fortescue share price? appeared first on The Motley Fool Australia.
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More reading
- Why Fortescue was upgraded and Woodside shares could be a buy
- How do experts view Fortescue, Ebos Group and Woodside Energy shares after earnings?
- Everything you need to know about the latest Fortescue dividend
- Why is the Fortescue share price racing ahead of the benchmark on Wednesday?
- Fortescue delivers record shipments and a bigger dividend in H1 FY26 earnings
Motley Fool contributor Bronwyn Allen has positions in BHP Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.