Glencore price target lowered to 450 GBp from 550 GBp at Jefferies

Jefferies lowered the firm’s price target on Glencore (GLNCY) to 450 GBp from 550 GBp and keeps a Buy rating on the shares. The firm believes idiosyncratic factors will drive share price performance in metals/mining in 2025. Jefferies sees limited upside to most commodity prices this year, although there is potential for copper, aluminum and met coal prices to move higher. The firm has updated its commodity price deck to reflect Q4 actuals and its new, more cautious forecasts.