Why these ASX shares just hit 52-week highs or better

These ASX shares are on form right now…

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A number of ASX shares were on form last week and pushed higher. Some even pushed high enough to reach 52-week highs or better.

Among the companies hitting new highs last week are the two listed below. Here’s what drove their shares higher over the period:

Blackmores Limited (ASX: BKL)

The Blackmores share price climbed to a 52-week high of $98.92 on Friday. Investors were buying the health supplements company’s shares following the release of its full year results last week. For the 12 months ended 30 June, Blackmores reported a 1.3% increase in revenue to $575.9 million and a 51.7% jump in underlying net profit after tax to $25.4 million. And while no guidance was given for the year ahead, management revealed that the outlook for its international and China segments remains positive with strong sales momentum early in FY 2022.

Can the Blackmores share price climb higher from here? One broker that sees modest upside is Credit Suisse. In response to its results, the broker upgraded Blackmores’ shares to a buy rating with a $100.00 price target.

Life360 Inc (ASX 360)

The Life360 share price hit a record high of $9.50 last week. This was driven by the release of a half year result that revealed a 36% increase in annualised monthly revenue (AMR) to US$105.9 million. This was driven by a 28% lift in its global monthly active user (MAU) base to 32.3 million and a 19% jump in global paying circles to 1 million. Management also confirmed that it expects its AMR to hit US$120 million to US$125 million by December 2021.

Can the Life360 share price go even higher? Last week Bell Potter retained its buy rating and put a $10.75 price target on its shares. This price target implies further potential upside of ~15% over the next 12 months.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Life360, Inc. The Motley Fool Australia owns shares of and has recommended Blackmores 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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