BMO Capital downgraded Glencore to Market Perform from Outperform with a price target of 540 GBp, down from 570 GBp, after resuming coverage of the name. Glencore’s near-term shareholder returns are likely limited by the Elk Valley Resources transaction, but this should change through 2025, the analyst tells investors in a research note. The firm does not expect the demerger of the coal business to occur.
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