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

Tipranks - Tipranks - Fri Mar 6, 12:38AM CST

Berenberg Bank analyst Richard Hatch maintained a Buy rating on Glencore yesterday and set a price target of $16.30. The company’s shares closed yesterday at $14.23.

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Hatch covers the Basic Materials sector, focusing on stocks such as Rio Tinto, Anglo American, and Anglo American. According to TipRanks, Hatch has an average return of 27.7% and a 59.63% success rate on recommended stocks.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Glencore with a $16.30 average price target.

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Based on Glencore’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $129.94 billion and a net profit of $1.02 billion. In comparison, last year the company earned a revenue of $113.85 billion and had a GAAP net loss of $1.39 billion

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