-- Biogen (BIIB) shares rose 2.3% in Wednesday afternoon trading after UBS upgraded the biotechnology company's stock to buy from neutral and boosted its price target to $225 per share from $185.
Trading volume exceeded 700,000 shares, compared with a daily average of over 1.2 million.
Price: $190.25, Change: $+4.30, Percent Change: +2.31%
South32 (ASX:S32) is poised to generate strong cash flow in the fourth quarter, helped by robust commodity prices and inventory sales, despite operational disruptions due to adverse weather conditions, Jefferies said in a note on Wednesday.The investment firm had previously expected some working capital unwind in the third quarter, but a higher impact is now expected in the June quarter due to strengthening commodity markets.The miner reported a 6% quarter-on-quarter decline in alumina production of 1.2 million tonnes, missing Jefferies' forecast of around 1.3 million tonnes. Its GEMCO sales, which beat market expectations, also came in roughly 2% below Jefferies' estimates.Analysts at the firm see risk in the Hermosa project timing and capital expenditure update ahead of the company's second-half review.Jefferies maintained a buy rating on South 32 and increased the price target to AU$5.25 from AU$5.20.
APA Group (ASX:APA) has raised AU$1.5 billion through AU$1 billion in hybrid subordinated capital securities and AU$500 million in 10-year senior notes to support its ongoing expansion plans, according to a Thursday Australian bourse filing.The hybrid component is split into two 30-year instruments of AU$400 million and AU$600 million, both paying a fixed 6.77% interest rate and callable after 7.5 years, while the senior notes carry a 10-year maturity with a 6.42% interest rate, the filing said.