Although the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has failed to launch this year and sits just 1% higher year-to-date, this hasn't stopped a number of shares from racing higher.
Three shares which have just hit multi-year highs are listed below. Can they go higher?
The a2 Milk Company Ltd (Australia) (ASX: A2M) share price reached a new all-time high of $4.28 this morning. A combination of an earnings upgrade and positive broker notes has been the catalyst for the dairy company's incredible run. The good news for shareholders is that Credit Suisse continues to believe its shares can go higher and I wholeheartedly agree. Last week the investment bank placed a NZ$4.88 ($4.56) price target on its shares thanks largely to the expected demand for its infant formula in China.
The Kogan.com Ltd (ASX: KGN) share price hit another all-time high of $2.70 today. Investors continue to snap up shares in the e-commerce company despite concerns over how the launch of Amazon in Australia may impact its business. They appear to be overlooking the threat and instead focusing on the company's diversification away from retail through the offering of mobile phone plans, broadband, and insurance. As I'm yet to be convinced these will offset a potential loss of market share to Amazon, I'm avoiding its shares for the time being.
The Noni B Limited (ASX: NBL) share price has climbed to a multi-year high of $1.95 this morning despite there being no news out of the retailer. But as I mentioned yesterday, I believe Noni B is one of the best retail shares on the ASX at the moment thanks to being relatively Amazon-proof. This is because through its W Lane, Table 8, BeMe, and eponymous Noni B brand, the company targets the middle-aged women's fashion clothing market. I believe this fast-growing and wealthy demographic is less likely to shop online, putting Noni B in a strong position to profit.
