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Glencore: Liberum downgrades to 'sell'

(CercleFinance.com) - Liberum has downgraded its rating on shares of global miner Glencore from "hold" to "sell," with an increased target price of 300 pence from 285 pence, following the stock's recent outperformance.

In a research note sent to clients, the broker cites the increasing risk of negative earnings momentum in the months ahead on falling copper and coal prices.

"Glencore remains our top pick in the majors as it offers better value and has minimal exposure to iron ore and coking coal, where we see much more near term price downside," Liberum writes in its report.

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