RBC Lifts Glencore Price Target, Estimates Ahead of H1 Earnings

06:43 AM EDT, 07/30/2026 (MT Newswires) -- RBC Capital Markets updated its price target and forecasts for Glencore (GLEN.L, GLN.JO) as it took into account the mining giant's recently released half-year production report. "Q2 operating update saw a H1 marketing beat of $3.3bn vs our estimates and consensus, Glencore's second-strongest result aside from the blockbuster H1'22 in the last energy crisis. Marketing guidance for the rest of the year was not provided, but company not expecting a repeat of H1. Rest of the results was relatively weak with production and realized prices missing expectations though FY guidance was unchanged bar the midpoints for thermal up and coking coal down by 1Mt each," the research firm said Wednesday. As such, analysts increased their EBITDA and EPS estimates by 1% and 4%, respectively, over the 2026 to 2028 period. The price target was also bumped up to 6.10 pounds sterling from 6 pounds, with a reaffirmed outperform rating on the stock. "Glencore remains our top pick in our European Diversified Mining coverage with a very desirable copper project pipeline and positive potential catalysts in the pipeline. Still see them as a target, and the more corporate action they take to relinquish less desirable assets (coal, Kazzinc) or underlining the value of others (DRC), the more we think it is likely a potential bid could come," RBC added, noting that the recent re-escalation of the energy crisis is a tailwind for thermal coal prices. Meanwhile, the miner is projected to report EBITDA of $10.1 billion in its first-half financial results on Aug. 5, exceeding the consensus estimate by 6%, while adjusted EPS is forecast to be $0.26, 5% higher than market expectations.