IN THE KNOW: Panmure Liberum reiterates Glencore share price target
Panmure Liberum made no change to its rating of Glencore PLC, despite strong interim financial results.
The UK-based investment bank and broker left share price target for the Switzerland-based diversified mining group at 580 pence, slightly higher than its current share price. It also maintained recommendation at 'buy'.
Shares in Glencore closed up 3.5% to 570.10 pence on Wednesday in London. They finished up 2.7% to ZAR125.60 in Johannesburg.
The miner posted strong first half performance that beat market estimates, thanks to its on Marketing unit, Panmure Liberum analyst Duncan Hay said. It also declared dividend that was in line with expectations, unveiled new Australian listing plan and reaffirmed its copper rollout was on track, Hay noted.
Adjusted earnings before interest, tax, depreciation and amortisation for the group rose 86% to USD10.12 billion for the six months that ended June 30 from USD5.43 billion a year before, which was around 3% above consensus, the Panmure Liberum analyst said, attributing this mainly to robust Marketing performance.
In the Marketing unit, adjusted Ebitda more than doubled to USD3.64 billion for the six months that ended June 30 from USD1.67 billion a year earlier. Adjusted earnings before interest and tax multiplied to USD3.33 billion from USD1.40 billion, placing the company on track to exceed the upper end of its long-term through-the-cycle annual guidance range of between USD2.3 billion and USD3.5 billion in 2026.
Hay pointed out that Glencore made no change to its annual guidance, though the company will comfortably exceed the USD2.3 billion to USD3.5 billion long-term through-the-cycle steer target.
Glencore estimates USD19.7 billion adjusted Ebitda for 2026, which is below the market consensus of USD20.5 billion, Hay said.
Panmure Liberum's analyst said Glencore's plna to list in Australia should be well received there, given the interest in copper and relatively few large market capitalisation opportunities, which is probably part of reason for BHP Group Ltd's recent outperformance.
Glencore also reiterated its ambition to increase annualised copper production to 1 million tonnes by the end of 2028 and 1.6 million tonnes by 2035.
It expects first production at the Alumbrera copper mine in Argentina in the second half of 2027, compared to original guidance of the first half of 2028.
Copyright 2026 Alliance News Ltd. All Rights Reserved.