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Why these 4 ASX shares have stormed higher today

It has been a disappointing day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index has given back its early gains and is down almost 0.4% to 6,263.3 points.

Four shares that have defied the market today are listed below. Here’s why they have stormed higher today:

The Bellamy’s Australia Ltd (ASX: BAL) share price has finally rebounded from its recent declines and is up 5% to $12.91. The infant formula company’s shares have come under heavy selling pressure since Goldman Sachs slashed its price target amid concerns that its CFDA accreditation could be delayed by a number of months. I think Bellamy’s shares are trading at a very attractive price and I’m not alone. Citi has tipped it as a long-term buy.

The IPH Ltd (ASX: IPH) share price has climbed 5.5% higher to $4.87. Today’s gain appears to be attributable to a broker note out of Morgans. According to the note, the broker has retained its add rating and lifted the price target on the intellectual property services company’s shares to $5.13. The broker believes that IPH is vastly outperforming the growth of the patent filings market in the second half.

The Nearmap Ltd (ASX: NEA) share price has rocketed almost 18% higher to $1.31 after the release of its preliminary full-year results. According to the release, the geospatial map technology company finished the period with annualised contract value of $66.2 million, up 41% from the prior corresponding period. A better than expected performance in the United States played a key role in the strong result.

The Villa World Ltd (ASX: VLW) share price has pushed 6% higher to $2.31 following the release of updated full-year guidance from the residential property developer. Previously the company had been targeting net profit after tax of $41.6 million, but this has been upgraded to be in the range of $42 million to $44 million.

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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 IPH Ltd and Nearmap Ltd. 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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