- Berenberg reiterates ‘Buy’ rating for Rio Tinto
- Barclays reiterates target price for Dunelm
- Deutsche and JP Morgan Cazenove reiterate Glencore ratings
Berenberg reiterates ‘Buy’ rating for Rio Tinto
Berenberg has reiterated its ‘Buy’ rating for Rio Tinto LON:RIO and maintained its target price of 6,600p. This follows the FTSE 100 mining and metals company’s first-quarter performance in which the broker saw only limited changes. Iron ore production was in line with estimates while shipments were better than forecast. The broker noted a cut in Copper guidance relating to geotechnical issues at its Escondida site and conveyor issues at Kennecott, while bauxite production was below its estimate due to poor weather in Australia.
At the time of writing, shares were trading at 5,063p, down 13% for the year to date and -7% over the last 12 months.
Barclays reiterates target price for Dunelm
Barclays has reiterated its ‘Overweight’ rating for Dunelm LON:DNLM and held its target price at 1,300p. The FTSE 250 home furnishings retailer provided more good news last week with their quarterly trading update showing a 6% increase in sales and continued expansion of digital channels. Gross margins are set to fall by 30 basis points, but this wasn’t expected to impact full-year profits which remain forecast to come in as expected.
Shares were trading at 1,171.25p, up 18% for the year to date and 19% over the last 12 months.
Deutsche and JP Morgan Cazenove reiterate Glencore ratings
Deutsche Bank and JP Morgan Cazenove have reiterated their ‘Buy’ and ‘Overweight’ ratings respectively for Glencore LON:GLEN following a Q1 production update last week. The mining giant saw production broadly in line with expectations and full-year output guidance unchanged. The update noted that the marketing segment continued to perform well through Q1 2023, particularly within energy products, and once again the company is on track to exceed the top end of its long-term guidance range.
Shares were trading at 471.15p, down 13% for the year to date and +1% over the last 12 months.
