In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has rebounded from early declines and is 0.1% higher at 5,678 points.
Four shares climbing more than most today and finishing the week with strong gains are listed below. Here's why they are higher:
The Costa Group Holdings Ltd (ASX: CGC) share price has climbed 6% to $5.56 after Ord Minnett upgraded the horticulture company's shares to a hold rating with a $5.01 price target. Whilst I am a fan of the company, I wouldn't be a buyer at today's price.
The Galaxy Resources Limited (ASX: GXY) share price is up 4% to $2.86 despite there being no news out of the lithium miner. But with lithium demand tipped to grow exponentially over the next couple of decades, I believe many investors are beginning to recognise that Galaxy could be a great long-term resources play.
The Magellan Financial Group Ltd (ASX: MFG) share price has gained almost 5% to $24.34. Today's gain is likely to be attributable to a research note out of Morgan Stanley. Although the broker retained its equal-weight rating, it increased its price target to $26.00. Morgan Stanley expects that Magellan could soon announce positive news related to its Global Trust.
The Pilbara Minerals Ltd (ASX: PLS) share price has rocketed 16% to 63.5 cents after the lithium miner signed a binding offtake agreement with China-based Great Wall Motors. Furthermore, the automaker has made a $28 million equity investment in Pilbara at 50 cents per share. These funds will be put towards completion of Stage 1 of the Pilgangoora Project and financing the Stage 2 definitive feasibility study. I believe this is a big step forward for the company and de-risks its project.
