Glencore gains UBS buy rating after ASX debut, with A$13.40 target

Glencore began trading on the Australian Securities Exchange (ASX) on October 14. The following day, UBS initiated coverage of its Australian shares with a buy rating and a price target of A$13.40.

UBS cited Glencore’s strong marketing performance and commodity mix as reasons for its positive outlook.

The listing is part of Glencore’s strategy to attract a wider range of investors, particularly in a market with deep expertise in the resources sector. It aims to raise the company’s profile and improve liquidity among Australian investors without raising new capital.