Why AVITA, Cettire, Lifestyle Communities, & SEEK are storming higher

These ASX shares are having a strong day…

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A businessman points to and arrow going up on a graph, indicating a share price rise for an ASX company

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In early afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is defying overnight weakness on Wall Street and is pushing higher. At the time of writing, the benchmark index is up 0.3% to 7,400.8 points.

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

AVITA Medical Inc (ASX: AVH)

The AVITA Medical share price has stormed 12% higher to $5.61. This morning the regenerative medicine company announced that it expects to outperform its fourth quarter revenue guidance. Instead of quarterly revenue of US$8.2 million to US$8.6 million, it is now expecting revenue in the range of US$9.5 million to US$9.7 million.

Cettire Ltd (ASX: CTT)

The Cettire share price is up 6% to $2.10. The online luxury goods seller’s shares are rebounding on Wednesday following a sharp decline on Tuesday amid concerns over its business model and the authenticity of the products it sells. This morning Cettire defended its business and refuted the claims. It said: “Cettire has confidence in the sustainability of its supply chain and the authenticity of the products available on its platform.”

Lifestyle Communities Limited (ASX: LIC)

The Lifestyle Communities share price has jumped 7.5% to $15.37. This appears to have been driven by a broker note out of Goldman Sachs this morning. According to the note, the broker has retained its conviction buy rating and lifted its price target to $16.50. Goldman believes its shares are attractively priced given its solid growth prospects thanks to its exposure to the ageing populations tailwind.

SEEK Limited (ASX: SEK)

The SEEK share price is up 2.5% to $33.07. Investors have been buying the job listings company’s shares after it was the subject of a bullish broker note out of Macquarie. According to the note, the broker has retained its outperform rating and lifted its price target to $40.00. Macquarie believes SEEK will benefit greatly from improving yields on its ads when discounts are removed. It also expects the Australian unemployment rate to fall to 4% in 2023, underpinning strong growth in ad volumes.

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James Mickleboro owns SEEK shares. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Avita Medical Limited and Cettire Limited. The Motley Fool Australia has recommended Avita Medical Limited, Cettire Limited, and SEEK 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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