Why these 4 ASX shares have stormed higher today

The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has continued its strong run and is up a further 0.6% to 6,051 points in afternoon trade.

Four shares that have climbed more than most today are listed below. Here’s why they have stormed higher:

The Aristocrat Leisure Limited (ASX: ALL) share price has climbed almost 4% to $27.90 a day after the gaming technology company held its investor day. Although Aristocrat Leisure opted against providing full-year guidance, one broker that appears to have been impressed with what it heard was UBS. A note out of the broker today reveals that it has retained its buy rating and lifted the price target on its shares to $30.50 from $25.50.

The ARB Corporation Limited (ASX: ARB) share price is up 5% to $21.85 after the 4X4 accessories provider released a market update which revealed that business continues to boom for it. Although no formal guidance was provided, management advised that its sales order book is currently strong both domestically and internationally. It also plans to open seven new ARB stores before the end of the next financial year.

The Qantas Airways Limited (ASX: QAN) share price has surged 6% higher to $6.16 after the leading airline provided its third-quarter results to the market. Qantas reported a solid 7.5% increase in revenue on the prior corresponding period to $4,250 million. Management also provided full-year profit before tax guidance of between $1,550 million and $1,600 million, compared to the market’s expectation of $1,550 million. I think Qantas is still looking attractive at this level.

The Xero Limited (ASX: XRO) share price has pushed 3.5% higher to $39.60 after the release of a positive broker note out of UBS. That note revealed that the broker has upgraded Xero’s shares from a sell rating to neutral following a change of analyst. UBS has also lifted the price target on the accounting software company’s shares to $42.50. I’m a little more bullish on Xero and would class it as a buy.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Xero. The Motley Fool Australia has recommended ARB Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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