10 Stocks Outperform Broader Market on Wednesday

5. Qifu Technology Inc. (NASDAQ:QFIN)

Qifu Technology rallied by 4.84 percent on Wednesday to close at $46.37 each after Bank of America upgraded its stock rating for the company.

On Wednesday, Bank of America analyst Emma Xu raised the price target for QFIN to $52.70 from $50.66 previously and maintained a Buy rating on the stock. The price target represented a 13.6-percent upside from QFIN’s closing price on Wednesday.

The more bullish outlook followed QFIN’s announcement of a $600-million convertible bond sale to support its March 2025 share repurchase program. The notes will carry an annual interest rate of 0.50 percent with payments due every six months.

The initial conversion rate for the notes was set at 16.7475 American Depositary Shares for every $1,000 of principal, corresponding to an initial conversion price of $59.71 per ADS.

According to the company, proceeds from the notes will be used to fund its buyback program.