Glencore: shares slip on UBS downgrade.

(CercleFinance.com) - Shares in Glencore are down 1% at 348.
3 pence, representing one of the worst performers on the FTSE 100 index after UBS downgraded its rating on the commodities giant from "buy" to "neutral".

The brokerage firm said that it downgraded the stock after its recent strong outperformance.

"We see downside near-term to its key commodities and it lacks clear stock-specific positive catalysts," UBS analysts write in a report.

UBS also said that it has raised its target price on the stock from 350 pence to 370 pence in its report on Friday.


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