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How Analysts View Copper Miners amid the Market Carnage

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Part 4
How Analysts View Copper Miners amid the Market Carnage PART 4 OF 8

How Analysts Have Changed Their Ratings on Glencore in 2018

Analyst ratings

Glencore (GLEN-L) has received a “strong buy” rating from five analysts, while 14 analysts have given it a “buy” or some equivalent rating. Four analysts have a “hold” rating on the stock. One analyst has a “sell” rating on Glencore, while the remaining one analyst polled by Thomson Reuters on February 9 has rated it as a “strong sell.”

How Analysts Have Changed Their Ratings on Glencore in 2018

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The stock carries a mean consensus price target of 445.25 Great British pence (or GBp), which represents a 13.4% upside over its February 9 closing price. The stock carried a target price of 419.38 GBp at the beginning of 2018. Let’s now see how analysts have changed their ratings on Glencore since the beginning of the year.

Analyst action

In January, Barclays raised Glencore’s target price from 400 GBp to 450 GBp. BMO also raised Glencore’s target price from 425 GBp to 450 GBp. This month, J.P. Morgan raised Glencore’s target price from 470 GBp to 570 GBp. Independent Research also raised Glencore’s target price from 400 GBp to 430 GBp on February 6.

4Q17 production report

Glencore released its fiscal 2017 production report on February 1 and is scheduled to release its 2017 preliminary financial results on February 21. In 4Q17, Glencore produced 363,000 metric tons of copper, which were similar to 4Q16. Looking at the full-year production report, the company’s own sourced copper production fell 8.1% year-over-year (or YoY) to 1.3 million metric tons. However, the midpoint of the company’s guidance for fiscal 2018 projects copper production to rise ~12% YoY.

Other copper miners (EWU) (UKX-INDEX) Freeport-McMoRan (FCX) and Antofagasta (ANTO) also expect their copper production to rise on a yearly basis this year.

In the next article, we’ll see how analysts are rating Anglo American (AAL-L).

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