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Glencore (GLEN): New Buy Recommendation for This 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 p600.00. The company’s shares closed yesterday at p528.40.

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According to TipRanks, Hatch is a 5-star analyst with an average return of 27.7% and a 59.63% success rate. Hatch covers the Basic Materials sector, focusing on stocks such as Rio Tinto, Anglo American, and Anglo American.

In addition to Berenberg Bank, Glencore also received a Buy from Citi’s Ephrem Ravi in a report issued on February 27. 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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