Glencore (GLEN): New Buy Recommendation for This Basic Materials Giant
In a report released today, Chris LaFemina from Jefferies maintained a Buy rating on Glencore, with a price target of p560.00.
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According to TipRanks, LaFemina is a 5-star analyst with an average return of 15.6% and a 56.30% success rate. LaFemina covers the Basic Materials sector, focusing on stocks such as Vale SA, Rio Tinto, and Steel Dynamics.
In addition to Jefferies, Glencore also received a Buy from Citi’s Ephrem Ravi in a report issued on February 10. However, on February 11, J.P. Morgan maintained a Hold rating on Glencore (LSE: GLEN).
Based on Glencore’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of p117.4 billion and a GAAP net loss of p655 million. In comparison, last year the company earned a revenue of p117.09 billion and had a GAAP net loss of p233 million
Read More on GB:GLEN:
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- Glencore price target raised to 510 GBp from 490 GBp at JPMorgan
- Glencore says Rio Tinto potential offer ‘significantly undervalued’ contribution
- Glencore Rejects Undervalued Rio Tinto Approach, Backs Standalone Growth Strategy
- Rio Tinto no longer considering possible merger or combination with Glencore
- Rio Tinto, Glencore decide to end merger talks, Bloomberg reports
