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Glencore (GLEN): New Buy Recommendation for This Basic Materials Giant

Tipranks - Tipranks - Mon Apr 13, 7:22AM CDT

Jefferies analyst Chris LaFemina maintained a Buy rating on Glencore on April 10 and set a price target of p650.00. The company’s shares closed last Friday at p565.70.

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LaFemina covers the Basic Materials sector, focusing on stocks such as Freeport-McMoRan, Steel Dynamics, and Vale SA. According to TipRanks, LaFemina has an average return of 13.4% and a 54.51% success rate on recommended stocks.

Glencore has an analyst consensus of Moderate Buy, with a price target consensus of p567.27, representing a 0.28% upside. In a report released on April 9, Morgan Stanley also maintained a Buy rating on the stock with a p610.00 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 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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