In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on an underwhelming note. At the time of writing, the benchmark index is down 0.1% to 7,014.2 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are pushing higher:
A2 Milk Company Ltd (ASX: A2M)
The a2 Milk share price has jumped 6% to $5.54. Investors have been buying the fresh milk and infant formula company’s shares following the release of a broker note out of UBS. According to the note, the broker believes there are signs that its turnaround is working. Importantly, it believes this is being achieved without any brand damage. In light of this, UBS has put a buy rating and NZ$13.50 (A$12.50) price target on its shares.
EML Payments Ltd (ASX: EML)
The EML Payments share price has stormed 15.5% higher to $3.36. Investors have been buying the payments company’s shares after another leading broker weighed in on its recent issues that saw it crash 46% lower earlier this week. UBS has retained its buy rating and cut its price target down to $5.30. This implies potential upside of 58% even after today’s stellar gain. EML Payments’ shares were sold off amid Anti-Money Laundering and Counter-Terrorism Financing compliance concerns for its European operations.
Webjet Limited (ASX: WEB)
The Webjet share price is up 5% to $4.90. This also appears to be related to a broker note. This morning Goldman Sachs reaffirmed its buy rating and $6.40 price target on this online travel agent’s shares. The broker doesn’t appear concerned by news that Qantas Airways Limited (ASX: QAN) is cutting international travel agent commissions. It notes that this was already partially anticipated in its forecasts.
Xero Limited (ASX: XRO)
The Xero share price is up 5% to $128.59. Investors have continued to pile into the tech sector on Friday following another positive night of trade on the tech-focused Nasdaq index. At the time of writing, the S&P/ASX All Technology Index(ASX: XTX) is up a solid 1.5%.