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Glencore: UBS reiterates buy rating

( - UBS reiterates its buy rating on the shares of the mining and commodities trading giant Glencore, along with its target price of 520 pence.

"There is a pathway for Glencore to lift recycling EBITDA from ~$250m to ~$1bn over next 5yrs...but Glencore is getting ready for the real growth in 2030s...".

Note that the group announced EPS that slumped 61% to $0.36 for H1 2023, as well as EBITDA that was halved to $9.4bn, on revenues that fell 20 % to $107.4bn.

Adjusted EBITDA of industrial assets, which was also halved (-51%) to $7.4bn, was affected primarily by weak pricing, particularly in coal, as well as the impact of cost inflation across its asset base.

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