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Glencore: UBS still a buyer

( - The broker confirms its buy rating on the stock, along with its target price of 520 pence.

"GLEN's commitment to Canada is underappreciated by is investing ~$1.5bn at INO & the Horne smelter to sustain & improve operations and wants to do more," UBS says.

The group announced EPS that fell 61% to $0.36 for H1 2023, with EBITDA halved to $9.4bn, on revenues that decreased 20% to $107.4bn.

Adjusted EBITDA from industrial assets, which was havled (-51%) to $7.4bn, was mainly affected by low prices - particularly in coal - as well as the impact of cost inflation across its asset base.

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