Business
Broker upgrades the IGO (ASX:IGO) share price on game changing acquisition
The IGO Ltd (ASX: IGO) share price could find favour with investors when it resumes trading after a broker upgraded the stock.
The IGO share price last traded at $5.10 when it went into a trading halt on Monday to announce a $766 million capital raise to fund an acquisition.
ASX shares that go cap in hand to investors tend to come under pressure from the discounted new share sale.
IGO share price upgraded
But IGO get just get a warmer reception as Jarden upgraded the nickel miner to “outperform” from “neutral”.
The broker turned bullish on the IGO share price despite the large dilution from the raise as it believes IGO’s expansion into lithium is a “game changer” for the miner.
IGO said it would buy a 49% stake in…
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