On Tuesday there were a number of strong performers on the index as the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) snapped its losing streak.
Three in particular which caught my eye are listed below. Here's why they hit new 52-week highs:
The Bravura Solutions Ltd (ASX: BVS) share price climbed to a 52-week high of $2.15 yesterday. Investors appear to have been pleased with the transactional platforms and management systems provider's restructure plans that were announced last month. These initiatives are being implemented quickly in order to ensure that there is maximum beneficial impact on the company's financial performance in the second-half of FY 2018. Management estimates that it will yield annualised cost savings exceeding $5 million and aims to redeploy the capital back into its core business, providing a strong platform for sustainable and profitable growth. Bravura Solutions could be one to watch this year if this is a success.
The Flight Centre Travel Group Ltd (ASX: FLT) share price touched on a 52-week high of $50.72 yesterday. The travel agent's shares have been pushing notably higher since last week when analysts at UBS upgraded its shares to a buy rating with a price target of $53.60. The return of more rational competition, operating efficiencies, and the growth of its online business are largely behind the broker's decision to upgrade its shares. I'm a big fan of Flight Centre and believe it could be a good option for investors. However, I do think there are other shares in the industry that could be better value at the moment.
The Sirtex Medical Limited (ASX: SRX) share price reached a 52-week high of $18.91 on Tuesday. This means that the regenerative medicine company's shares have now rallied approximately 81% since hitting a low of $10.45 in May of last year. Investors and brokers have responded positively to Sirtex upgrading its full-year EBITDA guidance to between $75 million and $85 million last week. Previously management had expected EBITDA to be $61.5 million. While I have been impressed by its turnaround, I'm not a buyer of its shares just yet. A few quarters of consistent progress might change my mind.
