Why the Fortescue (ASX: FMG) share price could go higher
The Fortescue Metals Group Ltd(ASX: FMG) share price was amongst the worst-performing ASX 200 shares last week. Its underperformance was largely driven by going ex-dividend, paying out a market-leading $1.470 per share dividend. However, the iron ore spot price has remained relatively stable, around the US$170 per tonne level. At the time of writing, the shares are trading at $22.76, up 3.03%.
While the Fortescue share price might be taking a breather, big brokers think it could retest its old highs.