BofA Views Glencore FY26 Marketing Profit Outlook Upgrade 'Positively'

01:47 AM EDT, 10/06/2026 (MT Newswires) -- BofA Global Research viewed Glencore's (GLEN.L, GLN.JO) upgrade to its full-year 2026 marketing adjusted EBIT outlook "positively," as volatile trading markets boost the mining giant's near-term profits. In a Monday note, the research firm highlighted that Glencore raised its 2026 marketing adjusted EBIT guidance to over $5 billion, compared with the previous $4.9 billion target, while introducing a upgraded long-term outlook. Under its revised methodology, the mining giant lifted its midterm marketing EBIT range to $2.8 billion to $4.2 billion, up from $2.3 billion to $3.5 billion previously. Analysts said the "reframed" long-term EBIT guidance accounts for higher readily marketable inventories and increased financing expenses. "It is worth noting that higher financing costs effectively flow through below the EBIT line, so the net cash impact from the new guide is probably a little less positive than 'headline' figures suggest. Bottom line, financing costs more for everybody now. Commodity traders, including Glencore, need to earn more to offset higher costs. That said, given its scale, diversity, and banking relationships, we believe the company stands to benefit, in relative terms, from higher finance costs - i.e., financing costs more for everybody, but the hit to GLEN will likely be smaller," the note said. Within this context, BofA reiterated its buy rating and price objective of 6.50 pounds sterling on the stock.