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

Tipranks - Tipranks - Fri Mar 13, 9:06PM CDT

RBC Capital analyst Ben Davis maintained a Buy rating on Glencore yesterday and set a price target of p630.00.

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According to TipRanks, Davis is a 5-star analyst with an average return of 31.8% and a 74.70% success rate. Davis covers the Basic Materials sector, focusing on stocks such as Rio Tinto, Glencore, and Sibanye Stillwater.

In addition to RBC Capital, Glencore also received a Buy from Berenberg Bank’s Richard Hatch in a report issued on March 4. However, on March 9, 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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