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New Buy Rating for Glencore (GLEN), the Basic Materials Giant

Tipranks - Tipranks - Tue Jun 9, 7:40AM CDT

Jefferies analyst Chris LaFemina maintained a Buy rating on Glencore today and set a price target of p720.00.

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LaFemina covers the Basic Materials sector, focusing on stocks such as Rio Tinto, Anglo American, and Freeport-McMoRan. According to TipRanks, LaFemina has an average return of 16.1% and a 56.50% success rate on recommended stocks.

In addition to Jefferies, Glencore also received a Buy from Citi’s Ephrem Ravi in a report issued on June 4. However, on the same day, Goldman Sachs assigned a Hold rating to Glencore (LSE: GLEN).

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Based on Glencore’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of p130.73 billion and a net profit of p1.02 billion. In comparison, last year the company earned a revenue of p113.85 billion and had a GAAP net loss of p1.4 billion

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