Deutsche Bank has rated Glencore a buy with a 680p price target, 16.3% above Monday's close of 584.6p, as it backs the miner's ambitious copper growth pipeline.
The FTSE 100 mining and commodities trading giant is targeting 14 October as its first day of trading on the Australian Securities Exchange.
At its December 2025 capital markets day, Glencore set out a "Mount Everest" of copper projects aimed at lifting group output to 1.1 million tonnes by 2029.
Its longer-term target is 1.6 million tonnes by 2035, almost double 2025 production levels.
Deutsche Bank expects copper volumes to rise materially over the next 12 to 18 months and sees little of that growth priced into the shares.
Progress on asset disposals in the near term should also support higher returns to shareholders.
The broker sees a compelling bottom-up investment case based on Glencore's individual assets, growth prospects and guidance track record.
It also updated its valuation of the Marketing division, Glencore's commodity trading arm, which is a significant contributor to group earnings.
Merger talks with Rio Tinto could be revived at some point, the broker noted.
The Radiant World legal situation remains a near-term risk for the shares.
