"Riversdale Mining In a report from Macquarie, it upgraded...

"Riversdale Mining In a report from Macquarie, it upgraded Riversdale Mining to neutral and raised its target price to $11.90 from $8.00 after the company unveiled plans for a capital raising at $9.40 a share. The broker said that although it remains cautious on management's ambitious growth plans, it believes the deal is relatively-well priced on a discounted cash flow (DCF) basis while fully priced based on FY13 p/e multiples. Macquarie would recommend existing shareholders participate in the rights issue. In a separate comment from RBS, the broker cut its target to $11.69 from $14.01, but maintained its positive take on the stock. RBS retained its buy rating and foresees Riversdale becoming an increasingly significant coal stock."

http://www.igmarkets.com.au/cfd/market-update-20100716c.html