Buy, hold, sell: Rural Funds Group, Imdex, Fortescue shares

S&P/ASX 300 Index (ASX: XKO) shares are down 3.6% over 12 months.

Here, three experts give us their views on three ASX 300 shares.

Rural Funds Group Ltd (ASX: RFF)

The Rural Funds share price is down 0.3% over 12 months.

Bell Potter reiterated its buy rating on this ASX 300 agricultural real estate investment trust (REIT) on Wednesday.

The broker has a 12-month price target of $2.55.

This implies potential capital gains of more than 120% ahead.

The broker commented:

Since providing disappointing FY27e AFFO guidance the share price of RFF has been under pressure, this is despite the favourable backdrop in agricultural land valuations and RFF having executed asset sales to create balance sheet capacity, with further sales planned.

During FY26 RFF contracted to dispose of $315m in assets at an 18% premium to BV. While this is a positive, there remains $356m worth
of assets under development or operated, where there is limited income being generated.

Execution of further asset sales, including mature and operated macadamia orchards and leasing of properties undergoing productivity enhancements would likely be catalysts for improved AFFO and the share price.

The 41% discount to Market-NAV and 34% discount to NAV are both all-time highs and material deviations from historical averages.

Imdex Ltd (ASX: IMD)

The Imdex share price is down 4.3% over 12 months.

Imdex provides cloud-connected devices and solutions that help mining companies uncover, define, and mine ore bodies.

Bell Potter has a hold rating and a $3.80 price target on this ASX 300 materials share. 

This implies a potential 13% upside ahead.

The broker said: 

We are becoming increasingly cautious of a deceleration in exploration activity growth from FY28, compounded by weakening Junior equity raisings, a resurgence of cost input inflation observed across the global mining industry, rising bond yields and a weakening gold price environment.

However, exploration activity appears supported in FY27 by a favourable trailing Junior equity raising trend and elevated CY26 budgeted spend by Majors and Intermediates.

Fortescue Ltd (ASX: FMG)

The Fortescue share price is down 18% over 12 months. 

Morgans put a trim rating and a $15.40 price target on Fortescue after its 1Q FY27 update yesterday.

This suggests a potential 2.5% downside ahead for the ASX 300 mining giant.

The broker said:

We have long argued that investing material capital in near-term loss-making projects (magnetite and new energy) has not diversified Fortescue, and has instead left group earnings more exposed to the iron ore price.

Magnetite adds more iron ore exposure but at a higher cost, while new energy investment, and US$0.9-1.3bn of FY27 decarbonisation spend, are funded from hematite cash flow. This dynamic is starting to show in the numbers.

Fortescue flagged that net debt rose US$1.9bn in 1Q27, equal to the final dividend (US$1.0bn) plus quarterly capex (US$0.9bn), implying negative FCF for the quarter.

We attribute this mainly to weaker hematite cash flow after the central buying group China Mineral Resources Group (CMRG) reportedly halted purchases of two of Fortescue’s products during the quarter, leaving shipments 6% and actual sales 14% below Visible Alpha (VA) consensus in 1Q27.

The post Buy, hold, sell: Rural Funds Group, Imdex, Fortescue shares appeared first on The Motley Fool Australia.

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Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Rural Funds Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.