(News Bulletin 247) – Jefferies reaffirms its ‘buy’ recommendation and its price target of 550 pence on Glencore, while according to him, ‘most mining companies have strong balance sheets and management teams who believe in the next cycle of energetic transition’.
Believing that the time has come for these companies to conclude agreements to position themselves for this next cycle, the broker points out that Glencore is actively seeking opportunities for mergers and acquisitions.
‘We expect other major mining companies to follow, but Glencore’s aggressive approach should pay off the most over time,’ the broker said in its note on the commodity group.
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