Glencore Rating, Price Target Raised as Berenberg Notes Capital Markets Day Updates

10:48 AM EST, 12/17/2025 (MT Newswires) -- Berenberg lifted its rating on Glencore (GLEN.L, GLN.JO) to buy from hold as part of its Mining Outlook 2026 report published Wednesday, while the price target was bumped up to 4.80 pounds sterling from 3.50 pounds. "Glencore laid out its strategy at its recent capital markets day and essentially we think the Glencore story is this: either it is left to continue with its strategy of copper growth, paying out shareholder returns, or, given the current valuation and in the light of the M&A in the sector over the past 24 months, it is bought and likely broken up," analysts wrote. "We are not expecting a great deal from Glencore in terms of its dividends for 2026 - rising commodity prices are likely to provide a working capital headwind and we expect net debt of USD11.7bn at the end of December, above the USD10bn cap ... However, Glencore could elect to use the remaining cUSD0.6bn of proceeds from the sale of its stake in Viterra to supplement dividends or buy back more stock." For 2025, analysts nudged up their sales estimate by 0.3% amid a model update following its revised price deck and the company's revised capital markets day guidance. Looking further ahead, both sales and EPS forecasts for 2026 and 2027 were increased.