With the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) storming higher on Tuesday, it will come as no surprise to learn that a number of shares have raced away to 52-week highs or better.
Three that caught my eye are listed below. Here’s why they are printing new highs today:
The Altium Limited (ASX: ALU) share price hit an all-time high of $23.76 on Tuesday. Although there has been no news out of the printed circuit board design software provider since the release of its stellar half-year results in February, investors have continued to fight to get hold of its shares due to its strong long-term growth potential thanks to the rise of the internet of things market. While its shares are looking expensive now, I remain confident that its long-term growth potential is enough to justify the premium. Though, it is high up on the risk scale given its current valuation.
The CSL Limited (ASX: CSL) share price has continued its strong form and raced to an all-time high of $192.30 this morning. As arguably one of Australia’s highest quality companies with a positive long-term growth outlook, I can’t say I’m surprised to see the biotechnology company’s shares heading towards the $200 mark. One broker that believes CSL is still good value is UBS. Earlier this month it placed a buy rating and $196 price target on the company’s shares.
The Woolworths Group Ltd (ASX: WOW) share price touched on a 52-week high of $29.48 on Tuesday. Investors have been snapping up shares amid signs that price deflation and the supermarket price war are coming to an end. In addition to this, some in the market believe that the disruption caused by the Coles spin-off from Wesfarmers Ltd (ASX: WES) will give Woolworths’ supermarkets a chance to gain market share in the short term. While I agree that things are looking a lot better for the company, I wouldn’t be a buyer at these levels.
But I would be a buyer of one of three top growth shares.
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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 and has recommended Wesfarmers Limited. The Motley Fool Australia owns shares of Altium. 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.