In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing the benchmark index is up 0.15% to 6,020.8 points.
Four shares that are climbing more than most are listed below. Here’s why they are charging higher:
The Alumina Limited (ASX: AWC) share price is up over 4% to $1.80. The catalyst for this gain is likely to have been a broker note out of Credit Suisse today. Its analysts have upgraded Alumina’s shares to an outperform rating with an improved price target of $2.00. It believes the company’s outlook is improving greatly thanks to lower unit costs and a rebounding aluminium sector.
The BWX Ltd (ASX: BWX) share price has jumped 5.5% higher to $3.86. Investors have responded positively to the personal care products company’s equity raising and trading update for FY 2020. This morning the company behind the Sukin brand raised $40 million via a placement to fund the development and construction of a game-changing, world class manufacturing facility. BWX also revealed a 25% increase in unaudited revenue to $187.6 million and a 30% lift in EBITDA (pre-AASB 16) to $27.5 million for FY 2020.
The Life360 Inc (ASX: 360) share price is up over 4% to $3.16. This morning analysts at Credit Suisse retained their outperform rating and lofty $4.80 price target on the family-focused app platform company’s shares. This follows the announcement of new membership plans on Thursday. The broker believes this could be a step-change for Life360 and sees a potential significant re-rating of its shares in the future.
The Perpetual Limited (ASX: PPT) share price has climbed over 3.5% to $32.90. This appears to have been driven by a broker note out of Citi this morning. Its analysts were pleased with Perpetual’s business update and upgraded its shares to a neutral rating from sell with an improved price target of $32.00. It feels that there are signs that its performance is turning around at long last.
These 3 stocks could be the next big movers in 2020
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended BWX 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.