The Fortescue Ltd (ASX: FMG) share price is $21.05, up 0.94% on the final day of earnings season on Friday.
The ASX 200 mining giant was one of the biggest names to deliver their 1H FY26 reports this week.
Fortescue reported a 10% increase in revenue to US$8.4 billion for the first half of FY26 on Wednesday.
Underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 23% to US$4.5 billion, with a 53% margin.
The net profit after tax (NPAT) was US$1.9 billion, up 23%.
Fortescue shares will pay a fully-franked interim dividend of 62 cents per share, up 24% on the 1H FY25 dividend.
The ASX 200 mining share goes ex-dividend on Monday, and is one of scores of stocks with ex-dividend dates next week.
On the day of the 1H FY26 results, the Fortescue share price rose 4.55% to $21.12.
Five brokers have now reviewed Fortescue's results and re-rated the stock with fresh 12-month price targets.
Let's check them out.
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Will the Fortescue share price rise from here?
The most ambitious price target among the five broker opinions we've seen here at The Fool is $22.50.
That target comes from Ord Minnett, and is actually lower than the broker's previous target of $23.
However, Ord Minnett retains a buy rating on Fortescue shares post-results.
Macquarie gives the ASX 200 mining stock a hold rating with a price target of $22.
Morgans upgraded Fortescue shares to a hold rating with a price target of $20.60.
However, Morgans is concerned about Fortescue's "speculative spend" on projects that are yet to deliver any earnings.
In a new note, Morgans said:
The hematite business delivered a 5% EBITDA beat; the problem is what happens to the cash after that.
A strong hematite result, but 43% of group capex is directed to activities generating zero current earnings, compressing FCF conversion to 48% and ROCE to 19%.
NPAT miss reflects rising capital intensity, with a sharp rise in D&A.
Post recent pullback we upgrade to HOLD.
UBS kept its hold rating in place with a target of $20.
The most pessimistic broker is Morgan Stanley.
Morgan Stanley reiterated its sell rating on Fortescue shares with a price target of $19.
Fortescue share price snapshot
The Fortescue share price is down 5% in the year to date (YTD) compared to a 5% uplift for the S&P/ASX 200 Index (ASX: XJO).
Fortescue shares appear to have decoupled from the market's three other ASX 200 large-cap iron ore shares in the new year.
The BHP Group Ltd (ASX: BHP) share price is up 25% in the YTD, while Rio Tinto Ltd (ASX: RIO) shares are up 13.2%.
The Mineral Resources Ltd (ASX: MIN) share price is 10.2% higher YTD.
