Fortescue gains a bear in Goldman Sachs on a soft outlook for near-term iron-ore prices and ongoing talks with China's state-owned buyer that could impact the company's lower-grade products. GS also cites challenges with Fortescue's Pilbara mine replacement projects. The bank downgrades the stock to sell from neutral and cuts its price target by 11% to A$16.90. "While the balance sheet is in a strong position and dividends remain robust, and monetization of renewable power is always a possibility, we see headwinds to cash flow from rising mine replacement and decarbonisation capex, and a stretched valuation relative to peers," GS says. Shares are down 2.3% at A$18.53. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)