Paul Gait, a senior analyst at Bernstein, said in a note on Wednesday that a sell-off in Glencore shares was "overdone."
Mining and commodities trading giant Glencore has tumbled almost 19 percent over the past seven days. Its London-listed shares have tanked just over 60 percent so far this year, bearing the brunt of the drubbing in mining stocks.
London's FTSE 350 mining index meanwhile has shed 44 percent of its value in the past year - reflecting the pain the sector is going through.
According to Gait, the fall in Glencore's share price has overshot Bernstein's valuation for the firm by $10.8 billion. He said that Glencore's industrial assets are "fundamentally sound" and that the firm's trading activity was a "genuine business activity that has to exist in the global economy."