Augusta Resource reports review process in response to Hudbay Minerals offer Augusta Resource (AZC) provided an update on its strategic review process, and on its permitting, and project financing, on track for completion in Q2 and Q3, respectively. The strategic review process initiated by Augusta in response to the unsolicited offer from HudBay Minerals (HBM) continues to be active with ten signed confidentiality agreements related to the current process. Potential bidders remain actively engaged in due diligence and ongoing management discussions. Five site tours with detailed management meetings have been conducted or are scheduled to be completed by the end of this week. Augusta is in the final stages for the two outstanding federal regulatory approvals required to commence construction at its Rosemont Copper Project. Precursors to both of these approvals have been completed and submittals are pending with the agencies for action. Significant progress has been made towards the completion of the project financing debt facility for the construction of Rosemont. The lender group, Augusta and its financial and legal advisors are on track for completing the project financing process in Q3.
On The Fly: Analyst Upgrade Summary Today's noteworthy upgrades include: Akamai (AKAM) upgraded to Buy from Hold at Craig-Hallum... Banco Bilbao (BBVA) upgraded to Outperform from Underperform at Exane BNP Paribas... Coca-Cola (KO) upgraded to Hold from Sell at Societe Generale... Dean Foods (DF) upgraded to Outperform from Market Perform at Bernstein... Dr. Reddy's (RDY) upgraded to Buy from Underperform at CLSA... Essex Property Trust (ESS) upgraded to Hold from Sell at Zelman... FireEye (FEYE) upgraded on positive outlook at BTIG... Goodyear Tire (GT) upgraded to Outperform from Underperform at CLSA... Hess Corp. (HES) upgraded to Conviction Buy from Neutral at Goldman... Hudbay Minerals (HBM) upgraded to Buy from Hold at Canaccord... PROS (PRO) upgraded to Hold from Sell at Craig-Hallum... Press Ganey (PGND) upgraded to Outperform from Neutral at Baird... Salesforce (CRM) upgraded to Buy from Outperform at CLSA... Seattle Genetics (SGEN) upgraded to Buy from Hold at Cantor... Shire (SHPG) upgraded on valuation at RBC Capital... SolarCity (SCTY) upgraded to Strong Buy on valuation at Raymond James... Spark Energy (SPKE) upgraded to Buy from Neutral at Janney Capital... Textura (TXTR) upgraded to Hold from Sell at Benchmark... TransDigm (TDG) upgraded to Gradually Accumulate from Hold at Wellington Shields... Trimble (TRMB) upgraded to Buy from Hold at Needham... U.S. Bancorp (USB) upgraded to Outperform from Market Perform at Wells Fargo... Zurich Insurance (ZURVY) upgraded to Neutral from Underweight at JPMorgan.
Hudbay Minerals upgraded to Buy from Hold at Canaccord Canaccord upgraded Hudbay Minerals to Buy from Hold based on valuation and the potential for a favorable outcome with its debt renegotiation. Canaccord maintained its C$4.00 price target on Hudbay Minerals shares.