Glencore (LON:GLEN) Price Target Raised to GBX 670 at Citigroup

Key Points

• Citigroup raised its price target on Glencore to GBX 670 (from GBX 620) and keeps a "buy" rating, implying about an 18.19% upside from the stock's current level.
• Analyst consensus is a "Moderate Buy" with four Buys and one Hold and an average target of GBX 528, amid mixed broker moves like RBC raising to GBX 540 and Berenberg trimming to GBX 600.
• Glencore opened at GBX 566.90, near its 1-year high (GBX 577.26), with a market cap of £66.41bn and an elevated P/E of 188.97, signaling a relatively rich valuation.

Glencore (LON:GLEN - Get Free Report) had its price target lifted by Citigroup from GBX 620 to GBX 670 in a note issued to investors on Monday,Digital Look reports. The brokerage presently has a "buy" rating on the natural resources company's stock. Citigroup's price objective points to a potential upside of 18.19% from the stock's current price.

GLEN has been the topic of a number of other reports. Royal Bank Of Canada upped their target price on shares of Glencore from GBX 530 to GBX 540 and gave the stock an "outperform" rating in a research note on Wednesday, February 4th. Berenberg Bank dropped their target price on shares of Glencore from GBX 610 to GBX 600 and set a "buy" rating on the stock in a research note on Thursday, March 5th. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of GBX 528.

Glencore Stock Performance

Glencore stock opened at GBX 566.90 on Monday. The company has a debt-to-equity ratio of 109.99, a current ratio of 1.06 and a quick ratio of 0.32. Glencore has a 1-year low of GBX 237.88 and a 1-year high of GBX 577.26. The firm has a market capitalization of £66.41 billion, a P/E ratio of 188.97, a price-to-earnings-growth ratio of 0.43 and a beta of 0.55. The company's 50-day moving average is GBX 524.20 and its 200 day moving average is GBX 436.57.

About Glencore

Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the commodities that support decarbonisation while meeting the energy needs of today. With over 150,000 employees and contractors and a strong footprint in over 35 countries in both established and emerging regions for natural resources, our marketing and industrial activities are supported by a global network of more than 50 offices.

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