Glencore reinstated with an Outperform at RBC Capital

RBC Capital reinstated coverage of Glencore with an Outperform rating and 490 GBp price target. Glencore’s deal to buy Teck Resources’ steelmaking coal assets provides the path for an eventual split which will uncover value in the metals business and give an underlying equity story to Glencore over the coming two years ahead of the spin, the analyst tells investors in a research note.