RE: Trading update26 Apr 2023 14:24
Deutsche and JP Morgan Cazenove reiterate Glencore ratings
Deutsche Bank and JP Morgan Cazenove have reiterated their ‘Buy’ and ‘Overweight’ ratings respectively for Glencore [LON:GLEN] following a Q1 production update last week. The mining giant saw production broadly in line with expectations and full-year output guidance unchanged. The update noted that the marketing segment continued to perform well through Q1 2023, particularly within energy products, and once again the company is on track to exceed the top end of its long-term guidance range.
Shares were trading at 471.15p, down 13% for the year to date and +1% over the last 12 months.