Glencore PLC (LSE:GLEN) is seen as a 'Buy' among the analysts over at Citi, with a price target pitched at 440p.
In a note, preceding Glencore's Capital Markets Day (CMD) next week, on 3 December, the American bank's London-based analyst said production guidance for 2025 may be adjusted slightly.
The CMD is expected to outline growth in copper, coal integration and its approach to cash returns. Citi reckons Glencore could highlight resilience in both copper and coal units.
Moreover, Citi noted that Glencore is targeting copper output of 1 million tonnes per annum by 2028, supported by its African assets and the Coroccohuayco project.
Citi expects Glencore will generate 2025 marketing earnings (EBIT) of around $3.1 billion, with strong performance expected in metals offsetting energy market weakness. It also noted room for around $400 million of earnings (EBITDA) improvement over the next two to three years from Canadian metallurgical coal through marketing and operational synergies.
Cash distributions are expected to remain steady, Citi said, with additional shareholder returns and potential for share buybacks from 2026.