A dividend upside to drive the Fortescue (ASX:FMG) share price?

The Fortescue Metals Group Ltd (ASX: FMG) share price is heating up again after a ~20% tumble between late February and late March. The Fortescue share price is up 10% in the past month, defying expectations that iron ore prices might retreat from decade highs.

Bell Potter believes iron ore will continue to defy expectations and upgraded Fortescue on  23 April from hold to buy with a $23.85 target price. The broker believes the dividend upside outweighs the potential iron ore price downside.

Here’s what the broker had to say about another potential Fortescue share price run. 

Iron ore continues to outperform 

The research note said that the “iron ore price has continued to defy bearish forecasts (including ours) predicated…