Deutsche Bank raises target price on Glencore

Deutsche Bank's Liam Fitzpatrick noted that Glencore beat on underlying earnings, net debt and shareholder returns.

However, the analyst said the key highlight in the group's report was the announcement that it expects to resolve all of its existing US, UK and Brazilian regulatory investigations in 2022 and has recognised a provision of $1.5bn representing expected total fines and costs.

While Fitzpatrick stated the detailed conclusions from the investigations were yet to be released, he views the announcement as "a major positive".

"Alongside the recent change in the senior leadership team, it should allow the market to look beyond the regulatory/legal issues of the past," said DB, which reiterated its 'buy' rating on the stock.