Broker tips: Glencore, Kazakhmys, WH Smith
FTSE 100
8,172.15
16:59 02/05/24
FTSE 250
20,052.33
17:15 02/05/24
FTSE 350
4,492.44
16:49 02/05/24
FTSE All-Share
4,446.15
17:04 02/05/24
General Retailers
3,896.22
16:49 02/05/24
Glencore
458.70p
17:15 02/05/24
KAZ Minerals
849.00p
16:40 10/05/21
Mining
10,202.27
16:49 02/05/24
WH Smith
1,092.00p
17:05 02/05/24
UBS has upped its target price for mining and commodities trading giant Glencore from 330p to 350p after an "encouraging" roundtable meeting with management.
However, while the bank said it is attracted to the business strategy, it said the improving outlook for zinc and nickel markets and positive earnings momentum from the marketing division is already reflected in the share price, which has outperformed the sector by 11% so far this year. UBS maintained a 'neutral' stance.
Credit Suisse said it sees huge upside potential at Kazakhmys over the medium term but had kept a 'neutral' rating on the stock despite the miner's interim results beating expectations.
Credit Suisse said: "On a medium-term outlook we see substantial upside potential (60% to £5/share) if the company can successfully execute on its two major projects without any major overruns. However, with the main restructuring catalyst having largely played out it will be another 12-18 months before growth volumes begin and we can better gauge the project execution success."
Trading at WH Smith is "building momentum", according to Investec, which repeated its 'buy' recommendation for investors on Thursday following an 'in-line' pre-close statement from the stationery, magazines and books retailer.
"The shares trade at a circa 20% discount to the retail sector and are attractive as a more defensive play with a strong management focused on creating shareholder value. Buy," the broker said.
BC