DEUTSCHE BANK: Glencore shares could surge 60%

A little over a month ago, troubled mining and commodities company Glencore was seen by a few as the next Lehman Brothers.

But with the company showing determination to tackle its enormous debt pile, investors are piling back in.

Analysts at Deutsche Bank told clients to buy Glencore stock, saying it could increase by 60% to 200p.

The company still has decent assets to sell and should weather the era of low commodities prices, according to the note.

Here's what they had to say:

Glencore still needs to rebuild its relationship and trust with equity investors. However the rapid debt reduction plans should remove the balance sheet and trading fears that have overly impacted the share price. Through to 1Q16 we should see a number of positive catalysts including additional asset sales.

Glencore said on Wednesday that it paid three bonds worth around $2 billion (£1.3 billion) and repurchased another $400 million (£260 million) of debt from creditors.

The company said it was targeting a net debt figure of $25 billion (£16 billion) by the end of the year, reducing it by about a fifth from last year. Shares responded with a 6% jump.

And they're still going up, here's how it's looking at the open on Thursday:

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