Glencore: UBS remains positive, but lowers TP

(CercleFinance.com) - Following the announcement of Glencore's results, UBS maintains its Buy rating on the share, while lowering its target price to 480 pence (from 520 pence).
This new TP still represents 46% upside potential for the stock.

The group's 2024 results are slightly disappointing, although we consider yesterday's 7% fall in the share price to be an overreaction, UBS says.

The risk/reward ratio looks attractive with buybacks, the US listing and upcoming closures, the broker adds.


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