Canaccord Genuity has cut its investment rating on mining group Glencore (LON:GLEN) to 'hold' from 'buy' following the recent share price rise, limiting potential upside to its target of less than 5 per cent.
The broker said: "Late last week GLEN reached a recent high of 212p/share, which is the closest the stock has traded to our target price this year. With GLEN now pricing in closer to USc240/lb copper (in line with other Hold rated copper stocks in our universe), we downgrade to a HOLD rating."
Analysts have lifted their target price slightly to 220 pence per share (from 215 pence).
Meanwhile, Liberum Capital upgraded its recommendation on the stock to 'hold' from 'sell', on Thursday, stating that the miner should benefit in the long term from changes in Chinese government policy.
Liberum upped its target to 185 pence a share (from 140 pence).
At 2:03pm: (LON:GLEN) Glencore PLC share price was -4.97p at 206.53p