Glencore rose more than 2% in London, benefiting from an analysis by Barclays which reiterated its ‘overweight’ recommendation and its price target of seven pounds sterling on the stock, its favorite value in the sector, which it considers the file of most obvious improvement in ESG (environment, social and governance).
‘Yet investors continue to ignore the multiples and yields offered, partly reflecting retrospective ESG concerns’, the broker judged in its note on the group of raw materials.
“We argue that these concerns are less relevant going forward, given the structural changes made over the past 18 months, and we point to more to come,” Barclays continues.
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