Fortescue Metals Group Ltd (ASX: FMG) shares are charging higher today.
The S&P/ASX 200 Index (ASX: XJO) mining stock closed yesterday trading for $19.60. In late morning trade on Thursday, shares are swapping hands for $20.17 apiece, up 2.88%.
That smashes the 0.2% gains posted by the ASX 200 at this same time. And it's almost four times the 0.69% gains of the S&P/ASX 200 Resource Index (ASX: XJR).
So, with Fortescue shares having only just popped above $20, is it time to snap some up?
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Is the ASX 200 miner trading at a bargain?
On 26 July, Fortescue shares were trading at more than one-year highs, closing the day at $23.73.
The ASX 200 mining stock has tumbled 15.4% from that high, facing headwinds on several fronts.
However, that fall could present a potentially profitably buying opportunity.
JPMorgan has raised its rating for the miner's stock to 'overweight', The Australian reports.
Its analysts have a price target on Fortescue shares of $23.50. That's represents a potential upside of 17.0% from the current price.
Why have Fortescue shares come under pressure?
Among the recent headwinds giving ASX 200 investors the jitters, the mining giant has been plagued by as series of exits by its top executives.
25 July saw Fortescue Future Industries (FFI) acting CFO Felicity Gooding resign following a lengthy tenure. That marked the tenth exit of a high level Fortescue executive in just two years.
But Gooding's resignation proved to be only the just the tip of the iceberg, with three other top leaders exiting in the space of a week at the end of August.
As the Motley Fool reported on 1 September, Fortescue shares came under selling pressure after former Reserve Bank of Australia (RBA) deputy governor Guy Debelle resigned as non-executive director of FFI.
That exit followed on the heels of Fortescue Metals CFO Christine Morris's resignation. She had been in the role for just two months.
And right at the top of the leader board, Fiona Hick stepped down as Fortescue Metals CEO, after only taking up the role in February.
Dino Otranto has since been appointed CEO.
