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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