In afternoon trade the S&P/ASX 200 index is off its morning lows but is still down a fraction. At the time of writing the benchmark index is down 3 points to 6,639.3 points.
Four shares that have not let that hold them back today are listed below. Here’s why they are racing higher:
The Afterpay Touch Group Ltd (ASX: APT) share price is up almost 2% to $36.66. Investors have been buying the payments company’s shares following the release of a positive broker note out of Morgan Stanley this morning. According to the note, the broker has initiated coverage on Afterpay with an overweight rating and $44.00 price target. It has been impressed with the way the company has disrupted payments and consumer finance operators.
The Nearmap Ltd (ASX: NEA) share price has climbed 3% to $2.60. This morning the aerial imagery technology and location data company released its annual report. Whilst there was no new information in the report, it reminded investors that the company has a massive market opportunity. Despite generating sizeable revenues already in North America, management estimates that it has market penetration of just 1%-2% in the region.
The Praemium Ltd (ASX: PPS) share price has continued its positive run and is up a further 3% to 55 cents. Investors have been buying the investment platform provider’s shares after a leading broker responded positively to its quarterly update. According to a note out of Goldman Sachs, its analysts have retained their buy rating and lifted the price target on its shares to 64 cents. It was impressed by its quarterly update and the acceleration in Australian net inflows.
The Superloop Ltd (ASX: SLC) share price has risen 4.5% to $1.09. This strong gain appears to have been triggered by a broker note out of Ord Minnett. According to the note, the broker has initiated coverage on Superloop with an accumulate rating and $1.20 price target. It likes Superloop due to its undemanding valuation and sees it as a good way to gain exposure to the cloud boom.
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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 AFTERPAY T FPO, Nearmap Ltd., Praemium Limited, and SUPERLOOP FPO. The Motley Fool Australia has recommended Nearmap Ltd. and Praemium 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.