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PhillipCapital downgrades Fortress Minerals on lower-than-expected 2QFY22 results

Felicia Tan
Felicia Tan10/18/2021 10:33 AM GMT+08  • 2 min read
PhillipCapital downgrades Fortress Minerals on lower-than-expected 2QFY22 results
In addition to the downgrade, PhillipCapital has lowered its PATMI estimates for the FY2022 by 22% to US$23.9 million.
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PhillipCapital analyst Vivian Ye has downgraded Fortress Minerals to “accumulate” with a lower target price of 51 cents.

See: Phillip raises Fortress Minerals TP to 81 cents amid strong iron ore prices

The downgrade comes as the company’s results for the 2QFY2022 ended August stood below her expectations.

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