The S&P/ASX 200 has bounced back from yesterday’s sizeable decline and is pushing notably higher. At the time of writing the index is up 0.6% to 6,739.7 points.
Four shares climbing more than most today are listed below. Here’s why they are surging higher:
The A2 Milk Company Ltd (ASX: A2M) share price is up 5% to $12.19 despite there being no news out of the infant formula and fresh milk company. However, on Wednesday analysts at Macquarie retained their outperform rating on its shares. The broker has trimmed its price target to $15.70, but appears positive on its long term growth potential.
The Afterpay Touch Group Ltd (ASX: APT) share price has raced 6.5% higher to $31.33. This appears to have been triggered by a number of positive broker notes released this morning following Afterpay’s business update. One broker that liked what it saw was Morgans. It was impressed with its performance and has lifted its earnings forecast and price target. Morgans has an add rating and $32.60 price target on the payments company’s shares.
The Emeco Holdings Limited (ASX: EHL) share price has surged 11.5% higher to $2.07. The catalyst for this was the equipment rental company’s half year guidance at its annual general meeting. Emeco advised that it is currently expecting its first half operating EBITDA to be between $118 million and $120 million. Pleasingly, further earnings growth is expected in the second half.
The Nearmap Ltd (ASX: NEA) share price has rocketed 16.5% higher to $2.90. This follows the release of its annual general meeting presentation. At the event Nearmap confirmed that its Group ACV portfolio is expected to be in line with analyst consensus estimates of $116 million to $120 million in FY 2020. This compares to $90.2 million in FY 2019. The positive guidance may have spooked short sellers which have been building positions.
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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. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. The Motley Fool Australia owns shares of A2 Milk. 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.