Why ARB, Humm, Incitec Pivot, & Pro Medicus shares are charging higher

It has been a good day for these ASX shares….

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rising asx share price in food and consumer staples sector represented by happy face made from cut up banana

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is pushing ever so slightly higher. At the time of writing, the benchmark index is up 0.1% to 7,265.7 points.

Four ASX shares that have climbed more than most today are listed below. Here’s why they are charging higher:

ARB Corporation Limited (ASX: ARB)

The ARB share price is up 5.5% to $44.64. Investors have been buying the 4×4 parts company’s shares following the release of a bullish broker note out of Ord Minnett. According to the note, the broker believes that ARB will benefit from growth in new vehicle sales. In addition, it expects new store openings and demand for SUVs to be supportive of its growth.

Humm Group Ltd (ASX: HUM)

The Humm share price has risen 5% to $1.08. The catalyst for this appears to have been a broker note out of UBS this morning. Its analysts have retained their buy rating and $1.60 price target on the company’s shares. This follows the announcement of the release of its new buy now pay later product, TAPP.

Incitec Pivot Ltd (ASX: IPL)

The Incitec Pivot share price is up 2% to $2.39. This appears to have been driven by a broker note out of Macquarie this morning. The broker highlights that fertiliser prices remain positive and in some cases are strengthening. The broker has retained its outperform rating and $2.93 price target on its shares.

Pro Medicus Limited (ASX: PME)

The Pro Medicus share price is up 2.5% to $48.79. In response to the announcement of a collaboration with healthcare giant Mayo Clinic, Goldman Sachs retained its buy rating and $53.80 price target on the company’s shares. “We believe the strategy of partnering with the leading academics helps to maximise the value and competitive advantage of PME’s technology proposition,” the broker commented.

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James Mickleboro does not own any shares mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. The Motley Fool Australia has recommended ARB Corporation Limited and Humm Group 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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