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

Tipranks - Tipranks - Sat Feb 28, 8:05PM CST

RBC Capital analyst Ben Davis maintained a Buy rating on Glencore yesterday and set a price target of p540.00.

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Davis covers the Basic Materials sector, focusing on stocks such as Rio Tinto, Glencore, and Antofagasta. According to TipRanks, Davis has an average return of 36.3% and a 76.54% success rate on recommended stocks.

In addition to RBC Capital, Glencore also received a Buy from Citi’s Ephrem Ravi in a report issued yesterday. However, on February 20, J.P. Morgan maintained a Hold rating on 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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