In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to record another strong gain. At the time of writing the benchmark index is up 3.15% to 5,345.2 points.
Four shares that are climbing more than most today are listed below. Here's why they are surging higher:
The Afterpay Ltd (ASX: APT) share price is up 6.5% to $19.60. The catalyst for this gain may be the release of a positive broker note by Goldman Sachs on Monday. Its analysts upgraded the payments company's shares to a buy rating with a price target of $25.10. Goldman believes Afterpay will come out of the coronavirus current crisis in an even stronger position compared to its competitors.
The Challenger Ltd (ASX: CGF) share price has jumped 16% higher to $4.67. The catalyst for this also appears to be a broker note. According to a note out of Citi, it has upgraded Challenger's shares to a buy rating with a $5.45 price target. It notes that its balance sheet risk has been significantly reduced after repositioning its asset portfolio.
The Opthea Ltd (ASX: OPT) share price has rocketed 21% higher to $2.10. At the risk of sounding like a broken record, this also appears to be due to a broker note. Goldman Sachs has retained its conviction buy rating and $5.20 price target on Opthea's shares. This price target implied potential upside of 200% based on its last close price. The broker believes the company has the least COVID-19 risk of all companies across its coverage.
The Wesfarmers Ltd (ASX: WES) share price is up over 3% to $36.99. This follows an announcement out of the conglomerate today which revealed that it was selling a 5.2% stake in Coles Group Ltd (ASX: COL). Wesfarmers made the move to strengthen its balance sheet during these uncertain times.
