From FT Alphaville:
The IPO research blackout on Glencore International has been lifted this Wednesday, which means the investment banks responsible for the UK’s latest IPO flop are now free to heap praise on the commodities trading house.
Glencore (GLEN.L) — Staying the CourseAnd from UBS:
UNITED KINGDOM | MINING – DIVERSIFIED | BUY/MEDIUM RISK We are initiating coverage on Glencore with a Buy recommendation and £5.70 target price. Our Buy recommendation is based on Glencore’s unique market positioning and long term growth opportunities. We forecast the company to generate earnings of $5.9bn in 2011e and $7.4bn in 2012e, we base our 12- month target price on a 9x 2012E.
Glencore (GLEN.L)And Morgan Stanley...MORE
Management-driven entrepreneurial approach
This report initiates coverage of Glencore with a Buy rating and 630p price target. Glencore is the world’s largest integrated producer and marketer of commodities by traded volume. The company seeks to maximise ROE in all activities and employs an entrepreneurial approach to managing its assets, listed equity stakes and marketing division. In our view, this sets Glencore a.part from other London listed miners.