Deutsche Bank upgraded Glencore to Buy from Hold with a 540 GBp price target. Shares are down over 15% year-to-date and consensus estimates have reset lower, notes the firm, which expects the market focus to shift towards the upcoming completion of the acquisition of Teck’s steelmaking coal business and a decision on whether or not to proceed with the CoalCo demerger. The firm sees a growing chance that the planned separation is deferred and, if so, argues that Glencore will “again become the leading cash generator in the sector,” the analyst added.
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