GLENCORE PLC 
Critics such as Goldman Sachs and Investec are standing by their tough stance on the London-listed company and have slashed their targets for its share price, mainly because they see the risk of further deterioration in global metals prices.
Supporters such as UBS and Citi, likewise, have stuck to their bright outlooks, reiterating their belief that Glencore will successfully restructure itself, prompting a recovery in the stock.
While their views are polarised, the two camps' unwillingness to budge means the market's overall assessment of the Swiss-based firm is nearly static.
The average price target of 28 analysts has dipped by only about 3 percent in the past 30 days to 176 pence while their ratings on whether to buy, hold or sell the stock have also barely changed, according to Thomson Reuters data.
A slump in copper, zinc and coal prices has badly hurt Glencore, which has one of the highest debt levels in the industry.
No rapid recovery in commodity prices seems likely as economic growth slows in China, a major consumer, and the United States is preparing to raise interest rates, leading to a likely strengthening of the dollar and slower growth in emerging markets, a major source of commodity demand.
Glencore shares, which have shed more than two-thirds of their value this year, suffered their worst day in late September.
They plummeted about 30 percent in one move partly attributed to a research note from Anglo-South African investment bank Investec, which said nearly all of Glencore's equity value may evaporate if commodity prices remained weak.
From late September they came off those record lows, but have failed to stage a convincing recovery, and have fallen back by nearly a quarter again over the past two weeks to 97 pence.
The shares have declined despite Glencore saying early this month it was making good progress in cutting its $30 billion debt by a third and announcing a deal to sell future silver output for $900 million in cash in a so-called "streaming" deal,
Glencore had already suspended its dividend, promised to sell assets and raised $2.5 billion through a share placement.
Although Investec analyst Marc Elliott was "impressed" with the silver deal, the bank stuck with a "Sell" rating and this week further chopped its target price to 77 pence from 125 pence in September.
"We haven't really changed our position on Glencore. What we're seeing in copper and across the commodity space shows that there are tough times ahead," he said.
Copper
"If U.S. rates are going to rise and emerging markets are struggling, so commodity demand is weaker than we would all hope, and debt costs are going to go up, it doesn't bode well for leveraged miners with thinner margins," Elliott said.
Goldman has also cut its target price since September, by nearly a quarter to 100 pence. "Despite the equity raise and the streaming deal the persistently lower commodity prices have seen higher cash burn at the assets," the bank said.
DEUTSCHE UPGRADE
One of the few institutions to change its opinion on Glencore was Deutsche Bank, which upgraded its rating to "Buy" from "Hold" on Nov. 4 with a price target of 200 pence.
"The rapid debt reduction plans should remove the balance sheet and trading fears that have overly impacted the share price," analyst Rob Clifford said in a note. "Through to first quarter 2016 we should see a number of positive catalysts including additional asset sales."
Citi said in a note after the silver deal was announced that Glencore was "starting to deliver" and urged investors to buy shares with a target price of 170 pence.
UBS was even more upbeat about the prospect for a rally, targeting 240 pence, saying the shares had potential to more than double over the next 12 months. However, it added: "We recognise that this is only likely if copper and zinc prices recover."
(Reporting by Eric Onstad; Editing by Veronica Brown and David Stamp)
By Eric Onstad
