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

Tipranks - Tipranks - Wed Apr 15, 4:20AM CDT

Glencore received a Buy rating and a p620.00 price target from HSBC analyst Shilan Modi today.

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Modi covers the Basic Materials sector, focusing on stocks such as Rio Tinto, Glencore, and Anglo American. According to TipRanks, Modi has an average return of -21.9% and a 20.00% success rate on recommended stocks.

In addition to HSBC, Glencore also received a Buy from Citi’s Ephrem Ravi in a report issued yesterday. However, on April 10, Goldman Sachs 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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