Source: Sharecast
Glencore was a high riser as JPMorgan Cazenove resumed coverage of the miner with an ‘overweight’ rating and 360p price target following a two-year period of restriction relating to Viterra’s merger with Bunge Global.
The bank said "optionality" is a central theme for its positive outlook on Glencore.
It noted that Glencore has lagged the MSCI Europe by 45% since May 2024 due to weak operating results and more than 25% lower coal prices.
JPM said group production will significantly step up in H2’25 led by copper, which it forecasts will translate into around 150% higher group earnings in 2026, 250% higher in 2027 versus 2025.
Elsewhere, Ladbrokes owner Entain rallied after an upgrade to ‘buy’ at Bank of America. The bank, which hiked its price target on the stock to 1,100p from 880p, cited a bullish view on BetMGM and strength of iGaming trends.
JPM also pointed to an attractive valuation of 8x 2025E EV/EBITDA.
FTSE 100 - Risers
Fresnillo (FRES) 1,525.00p 2.42%
Glencore (GLEN) 305.05p 2.40%
Standard Chartered (STAN) 1,246.00p 2.17%
Entain (ENT) 928.00p 1.96%
Prudential (PRU) 914.20p 1.51%
International Consolidated Airlines Group SA (CDI) (IAG) 359.90p 1.44%
Flutter Entertainment (DI) (FLTR) 21,070.00p 1.35%
Airtel Africa (AAF) 183.10p 1.33%
London Stock Exchange Group (LSEG) 10,940.00p 1.30%
Schroders (SDR) 372.80p 1.25%
FTSE 100 - Fallers
Rentokil Initial (RTO) 341.40p -3.07%
Coca-Cola HBC AG (CDI) (CCH) 3,920.00p -2.15%
United Utilities Group (UU.) 1,086.00p -1.67%
Land Securities Group (LAND) 589.50p -1.59%
Smith & Nephew (SN.) 1,092.50p -1.49%
Bunzl (BNZL) 2,282.00p -1.47%
LondonMetric Property (LMP) 194.90p -1.47%
Severn Trent (SVT) 2,632.00p -1.46%
Convatec Group (CTEC) 259.60p -1.44%
Barratt Redrow (BTRW) 414.60p -1.40%
