Glencore: upbeat on broker comments
(CercleFinance.com) - Glencore shares are up 4%, outperforming the trend in London, supported by broker comments, including UBS, which has upgraded on the commodities group's stock from "neutral" to "buy", with a target price maintained at 560 pence.
"Shares corrected c. -30% from recent peak and now exhibit deep value in our view. Coal provides interesting optionality to higher energy prices later this year," it summarised.
Similarly, Bank of America upgraded Glencore to "buy" while maintaining its 580p target price, saying that it is optimistic about the reopening of China and adding that it liked the group's portfolio of decarbonisation.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
"Shares corrected c. -30% from recent peak and now exhibit deep value in our view. Coal provides interesting optionality to higher energy prices later this year," it summarised.
Similarly, Bank of America upgraded Glencore to "buy" while maintaining its 580p target price, saying that it is optimistic about the reopening of China and adding that it liked the group's portfolio of decarbonisation.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.