Jefferies maintains its 'buy' recommendation on Glencore shares, along with its 380 pence target price, which it describes as one of its top picks, citing 'levers the company can pull to unlock value'.

'Glencore has been under pressure over the past year due to weak coal prices, operational issues, a normalization of marketing EBIT, and a decline in liquidity in its shares,' the broker notes.

'Although the share price has recovered from its low, its enterprise value fell to an historic low in April and its shares are still undervalued, in our opinion," it nevertheless believes.


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