Onex Surges to Record After Shedding Neutral Rating From TD
- Analyst makes change on fundraising strength, buybacks
- Recent rally boosts company’s market value to C$8.8 billion
Bobby Le Blanc, chief executive officer of Onex Corp., in the financial district of Toronto.
Photographer: Galit Rodan/BloombergThis article is for subscribers only.
Onex Corp. shares jumped to a record after the Canadian investment firm shed its only sell-side neutral rating, with TD Cowen upgrading the stock to buy amid blockbuster credit fundraising this year.
The Toronto-based firm has raised $5.6 billion this year for structured credit, Chief Executive Officer Bobby Le Blanc told analysts on Friday. TD Cowen analyst Graham Ryding said it’s “well ahead” of expectations for the year.