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Why Coles, Freedom Foods, Hansen, & Liquefied Natural Gas are pushing higher

In afternoon trade the S&P/ASX 200 index has recovered some of its early decline but is still trading notably lower. At the time of writing the benchmark index is down 1.3% to 6,354.1 points.

Four shares that have defied the market selloff and pushed higher are listed below. Here’s why they are climbing higher:

The Coles Group Ltd (ASX: COL) share price is up over 2.5% to $14.59. This solid gain has been driven by a broker note out of the Macquarie equities desk this morning. According to the note, the broker believes the recent pullback in Coles’ share price is a buying opportunity. As a result, they have upgraded the supermarket operator’s shares to an outperform rating with a $17.20 price target.

The Freedom Foods Group Ltd (ASX: FNP) share price is up over 4.5% to $4.28. This morning analysts at Goldman Sachs retained their conviction buy rating on this diversified food company’s shares. They believe Freedom Foods is largely on track to deliver 50% EBITDA CAGR from FY 2019 to FY 2022. This is based on the growth of both nutritional dairy and plant-based beverages, supported by a positive long-term macro outlook. Goldman has a $6.25 price target on its shares.

The Hansen Technologies Limited (ASX: HSN) share price is up 5% to $3.34. Investors appear to be taking advantage of a pullback in the billing software company’s shares last week following its half year update. Hansen’s shares dropped lower after it downgraded its operating revenue guidance to the range of $300 million to $305 million. This compares to its previously guidance for revenue in the range of $305 million to $310 million.

The Liquefied Natural Gas Ltd (ASX: LNG) share price has jumped 30% higher to 15 cents. Investors have been buying the liquefied natural gas producer’s shares after it revealed that it has received a takeover approach. The company has had an offer from Singapore-based LNG9 to acquire all of its issued ordinary shares via an off-market takeover. The offer price of 13 U.S. cents per share equates to 19.8 Australian cents per share. Liquefied Natural Gas’ directors have recommended the offer.

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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 Hansen Technologies. The Motley Fool Australia has recommended Freedom Foods Group Limited and Hansen Technologies. 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.