After a strong start to the day, the S&P/ASX 200 Index (ASX: XJO) is currently fighting hard to stay in positive territory. In late morning trade the benchmark index is up slightly to 5,944.4 points.
Four shares that are climbing more than most today are listed below. Here's why they are surging higher:
The A2 Milk Company Ltd (ASX: A2M) share price has jumped 6.5% to $18.90. This may be in response to a broker note out of UBS on Tuesday. According to the note, the broker has retained its buy rating and NZ$22.00 (A$20.64) price target on the infant formula company's shares. It believes there is some upside risk to its earnings guidance for FY 2020.
The Carsales.Com Ltd (ASX: CAR) share price has stormed almost 5% higher to $17.77. This follows the release of a business update by the auto listings company this morning. That update revealed that Carsales expects to report adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) in the range of $228 million to $232 million in FY 2020. This represents a 5% to 6% year on year increase in adjusted EBITDA.
The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price is up 5% to $27.59. This gain appears to have been driven by a broker note out of Macquarie this morning. According to the note, the broker has upgraded the medical device company's shares to an outperform rating. It believes current trading conditions bodes well for the company's earnings growth in the near term.
The Starpharma Holdings Limited (ASX: SPL) share price has surged 7.5% higher to $1.14. Investors have been buying the company's shares after it revealed the results of its first radiotherapeutic candidate. DEP lutetium showed highly statistically significant anticancer activity, tumour regressions, and 100% survival in a human prostate cancer model.
