(CercleFinance.com) – Jefferies anticipates a new rebound in the shares of the mining and commodities trading company.
‘Coal Supply Shocks Support Further Improvements in Earnings and Returns on Capital – A potential ban on European imports of Russian coal would be positive for near-term coal prices and for Glencore,’ the analyst said.
“While margin requirements for commodity trading may limit Glencore’s upside in trading activity in the current period of severe disruption in commodity markets, high coal prices, upward revisions to Consensus earnings, strong cash flow and strong capital returns should lead to continued outperformance in equities,” Jefferies added.
The analyst firm reaffirms its ‘buy’ recommendation and its price target of 600 pence on Glencore.
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