Glencore Price Target Raised, As Shares Look To Regain Lost Ground

Glencore's share price (LON:GLEN) has been under increasing pressure in recent weeks, with a 5% dip this week, and a 12% pullback from the recent high on July 23, a little over two weeks ago.

News of a price target raise will come as a boost to Glencore bulls, with JPMorgan moving its price target to 370p from 360p, indicating a perceived upside of 28% from the current price action. Perhaps unsurprisingly, given the bullish target, the firm maintain an Overweight rating.

During a recent earnings update, Glencore confirmed the decision to retain its primary listing on the London Stock Exchange, foregoing a potential U.S. shift, whilst underscoring its commitment to the UK market. CEO Gary Nagle cited uncertainties surrounding S&P 500 inclusion and the substantial costs associated with relocating as key factors in this decision.

“Maintaining our London listing reflects our belief in the UK market and our commitment to our European shareholder base,” Nagle stated.

This move provides a vote of confidence for London's financial markets, particularly as they grapple with reduced IPO activity and corporate departures.

Glencore's current position reflects a balancing act between navigating short-term market headwinds and pursuing long-term growth opportunities. The price target raise appear to be offering bulls some near term support, with Glencore's share price up 2.34% leading into the weekend.