COMMODITIES
Goldman Sachs bullish on Glencore’s copper potential
But banking group expects Anglo to draw down on debt and defer more non-essential spending
14 January 2024 - 16:26
Equity analysts at investment banking group Goldman Sachs believe the market is undervaluing the potential growth that Glencore’s copper business will have on the company and its stock in the long term, attaching a buy sign to the Swiss multinational commodity trading and mining firm.
The analysts, in a note to clients seen by Business Day, said Glencore, one of the JSE’s largest stocks and valued at just less than R1.3-trillion, offers one of the lowest capital-intensive organic copper growth opportunities...
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