Analysts at Citigroup, Bernstein, UBS and Credit Suisse all issued notes on the Anglo-Swiss commodity and mining group, maintaining a "buy" rating with price targets ranging between 170p and 450p.
Senior Bernstein analyst Paul Gait was the most bullish on the stock as he noted that the firm's industrial assets still generate positive cash margins even at a time of severe commodity price weakness.
Citi and UBS both said the stock was heavily oversold and that the divestments the firm is planning over the next six months have more potential upside than the $2 billion outlined by Glencore.
Following the wave of support from Wall Street, shares picked up, extending gains after the group issued a statement saying it had taken "proactive steps to position our company to withstand current commodity market conditions."
"Our business remains operationally and financially robust – we have positive cash flow, good liquidity and absolutely no solvency issues. We are getting on and delivering a suite of measures to reduce our debt levels by up to $10.2 billion."
"Glencore has no debt covenants and continues to retain strong lines of credit and secure access to funding thanks to long term relationships we have with the banks," the group said in a statement.
Glencore's share price tumbled some 30 percent on Monday to an all-time low of 66p after an Investec note questioned whether there was any equity value left in mining companies like Glencore and Anglo American if major commodity prices remain at current price levels.