Fund managers including Ellerston Capital’s Chris Kourtis and brokers are turning bullish on Andrew Forrest’s Fortescue, despite the slumping iron ore price weighing heavily on the longtime ASX pariah.

In the last two weeks, four equity research firms – Citi, Morningstar, JPMorgan and Morgans Financial – have upgraded their outlook for the iron ore giant, all citing Fortescue’s beaten-up share price as attractive for investors.