Glencore PLC (LSE:GLEN) has received a bullish write-up from the analysts at Jefferies, who see a tipping point approaching for the coal, cobalt and copper miner and trader.
According to Jefferies, the investment case is improving sooner than expected as the copper price breakout to the upside approaches.
Thermal coal markets also appear to be stabilising/recovering, while the benefits of the EVR acquisition are still underappreciated and not fully reflected in Glencore's equity value.
“Following the year-to-date sharp pullback in the Glencore share price, we believe an optimal entry point has arrived,” said the broker, which has a 470p target price and ‘buy’ recommendation.