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Fortescue Metals Group Downgraded After Rally

Fortescue Metals Group (FMG.AU) has been downgraded to hold from add at Morgans after the strong advance in its shares as iron ore prices have rebounded.

The world's fourth largest iron ore producer has rallied about 25% from its June lows as the price of the steel making ingredient jumped from $53 a tonne to $72 a tonne over the same time.

While Morgans says the stock could continue to rally, its rating was cut as the stock had moved close to its price target of AUD5.95 a...