The S&P/ASX 200 Index (ASX: XJO) is on track to start the week with a strong gain. In afternoon trade, the benchmark index is up 1.6% to 6,781.8 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are storming higher:
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Life360 Inc (ASX: 360)
The Life360 share price is up over 12% to $7.10. This appears to have been driven by a positive reaction to its price increases from brokers. One of those was Bell Potter, which has retained its buy rating and lifted its price target to $9.25. The broker believes that Life360's price increases could lead to it becoming EBITDA profitable a year earlier than expected in 2023.
Novonix Ltd (ASX: NVX)
The Novonix share price is up a massive 27% to $2.81. The catalyst for this could have been a broker note out of Morgans this morning. According to the note, the broker has upgraded the battery materials and technology company's shares to a speculative buy rating with an improved price target of $3.11. This follows the announcement of major US government funding last week.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is up over 6% to $5.39. This morning the lithium miner revealed that it has sold another 5000 tonnes cargo of spodumene. The good news is that Pilbara Minerals received a price even higher than what it commanded last week from its latest BMX auction.
Vulcan Energy Resources Ltd (ASX: VUL)
The Vulcan Energy share price is up over 13% to $6.85. Investors have been buying this lithium developer's shares after it produced the highest grade, lowest impurity lithium hydroxide to date from its pilot plant. Management notes that the latest material produced graded 57.1% LiOH, which exceeds the best-on-the-market battery grade specification of 56.5% LiOH required from offtake customers.
