The S&P/ASX 200 index has returned to form on Tuesday and is charging notably higher this afternoon. At the time of writing the benchmark index is up 0.6% to 6,488.9 points.
Four shares that are climbing more than most today are listed below. Here’s why they have surged higher:
The Nearmap Ltd (ASX: NEA) share price is up over 6.5% to $3.67 after a leading broker initiated coverage on the aerial imagery technology and location data company’s shares. According to a note out of Citi, its analysts have initiated coverage on Nearmap with a buy rating and $4.26 price target. The broker believes the company can grow its market share in the United States materially in the future.
The Rio Tinto Limited (ASX: RIO) share price is up 2% to $105.03 thanks to another rise in iron ore prices and a broker note out of Goldman Sachs. According to the note, the broker has upgraded Rio Tinto’s shares to a buy rating with a $108.40 price target after updating their iron ore forecasts to account for strong Chinese steel demand and lower than expected Brazilian iron ore supply.
The Speedcast International Ltd (ASX: SDA) share price has surged 7.5% higher to $3.74 after the AFR reported that the remote communications and IT services provider was a potential takeover target. The same groups that are looking over Vocus Group Ltd (ASX: VOC) and Vodafone New Zealand are rumoured to be interested in acquiring Speedcast.
The Xero Limited (ASX: XRO) share price has risen 2% to $61.33 thanks to a broker note out of Morgan Stanley. According to the note, the broker has retained its overweight rating and lifted the price target on the business and accounting software company’s shares to $65.00. This appears to have offset the announcement of heavy insider selling by non-executive director Craig Winkler this morning.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Nearmap Ltd. The Motley Fool Australia owns shares of Xero. The Motley Fool Australia has recommended 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.