Glencore stock falls 1.71 percent as UBS raises its target

Published on 09/29/2026 at 08:21 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Glencore stock was last at GBp 551.50 on September 28, 2026, while its market value stood at GBP 64.5 billion. First-half adjusted EBITDA rose 86 percent.

Luftaufnahme eines großen Kupfertagebaus mit Baggern und Lastwagen in der Abendsonne — Glencore plc (ISIN JE00B4T3BW64) betreibt riesige Kupfertagebauten mit schweren Muldenkippern in staubiger Bergbaulandschaft, Illustration mit AI erstellt.

Glencore stock (ISIN JE00B4T3BW64) was last at GBp 551.50 on the London Stock Exchange on September 28, 2026, down 1.71 percent from GBp 561.10. The immediate catalyst is a UBS upgrade that lifted the 12-month target from GBp 620.00 to GBp 650.00 on September 25, 2026.

UBS raises its price target

As Investing.com reported on September 25, 2026, UBS upgraded Glencore from Neutral to Buy and raised its target from GBp 620.00 to GBp 650.00. At the September 28 price, the target lies 17.86 percent above the stock, giving the broker view a clear numerical reference point.

The same report said UBS raised its 2026 and 2027 EBITDA estimates by 5 percent and 7 percent, respectively, citing stronger Marketing earnings, higher commodity prices and improved visibility on copper growth. The upgrade also reflects progress on asset disposals and the prospect of higher shareholder returns.

First-half profit marks a sharp turn

Glencore's first-half 2026 results showed adjusted EBITDA of USD 10.12 billion, up 86 percent from the prior-year period, while profit attributable to shareholders reached USD 4.41 billion after a USD 655.00 million loss in first-half 2025, according to The Market Online. Turnover rose 49 percent to USD 174.43 billion in the six months ended June 30, 2026.

The earnings swing gives the UBS upgrade a stronger operating backdrop, but legal and governance risks remain part of the valuation debate. Reuters reported on September 28, 2026, that Sapphire Minmetals and related companies were pursuing a USD 2.00 billion lawsuit against Glencore, while Glencore described the claims as meritless and said it would contest them vigorously.

Stock remains below yearly high

Glencore's LSE share price stood 22.01 percent below its 52-week high of GBp 707.20 and 66.00 percent above its 52-week low of GBp 332.20 on September 28, 2026. The market capitalization was GBP 64.5 billion and trading volume reached 16,017,095 shares.