Why Coles, Nickel Mines, Nitro, & Regis Resources are storming higher

Coles Group Ltd (ASX:COL) and Nitro Software Ltd (ASX:NTO) are two of four ASX shares storming notably higher on Thursday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.4% to 7,092.3 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are storming higher:

Coles Group Ltd (ASX: COL)

The Coles share price is up 3.5% to $16.40. This appears to have been driven partly by a broker note out of Citi this morning. According to the note, the broker has upgraded the supermarket giant’s shares to a buy rating with an $18.00 price target. The broker believes Coles has reached an inflection point in respect to its market share.

Nickel Mines Ltd (ASX: NIC)

The Nickel Mines share price has jumped 6% to $1.14. This also appears to have been driven by a broker note. This morning Bell Potter retained its buy rating on the nickel producer’s shares following its quarterly update. And while it has cut its price target to $1.56, this is still notably higher than where it trades today. Bell Potter notes that Nickel Mine’s aggressive growth outlook is intact.

Nitro Software Ltd (ASX: NTO)

The Nitro share price has stormed 8.5% higher to $3.20. This follows the release of the global document productivity software company’s first quarter update. According to the release, Nitro’s annual recurring revenue (ARR) grew 66% over the same period last year. This growth rate is well ahead of what is required to achieve its FY 2021 ARR guidance. Nitro is targeting ARR of between $39 million and $42 million, which represents year on year growth of 41% to 52%.

Regis Resources Limited (ASX: RRL)

The Regis Resources share price has climbed 3.5% to $2.68. This morning the gold miner released its third quarter update and revealed production of 85,748 ounces of gold. While this was down 6.2% quarter on quarter, it has retained its FY 2021 guidance. Regis Resources continues to target full year production of 355,000–380,000 ounces at an all-in sustaining cost of A$1,230–A$1,300 per ounce.

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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 COLESGROUP DEF SET. The Motley Fool Australia has recommended Nitro Software Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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