Combined with slowing demand and given medium-term forecasts for supply growth, Beijing's latest measures have caused Barclays to lower its iron ore price bracket, leaving iron ore gains at the top of market grade declines.
Shares of Glencore were changing hands with a 28% free cash flow return and a price-to-earnings ratio of 3.9.
Barclays also drew particular attention to Glencore's earnings momentum and cash returns.
On the other hand, they have lowered their recommendation on BHP to "equal", reflecting its "strong" relative performance, premium rating and now greater iron ore exposure than Rio Tinto.
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