Fortescue’s Surge on Iron Gains Leaves Analysts for Dust: Chart

(Bloomberg) -- Fortescue Metals Group Ltd. is confounding analysts' expectations as it rides a rebound in the price of iron ore. Shares of the Perth-based producer have more than doubled this year, closing at A$3.89 Monday, compared with a A$2.77 average target price among 15 analyst estimates. “The market has started to gain a bit more confidence in iron ore prices in literally the last couple of weeks,” said David Coates, a Sydney-based analyst at Bell Potter Securities Ltd., who is revising a price target set in April at A$2.95.

--With assistance from Jake Ulick To contact the reporter on this story: David Stringer in Melbourne at dstringer3@bloomberg.net. To contact the editors responsible for this story: Jason Rogers at jrogers73@bloomberg.net, Jake Ulick