Why Beach, Coles, Cronos Australia, and Woolworths shares are pushing higher

Investors have been snapping up these shares on Tuesday…

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A young woman wearing overalls and a yellow t-shirt kicks one leg in the air showing excitement over the latest ASX 200 shares to hit 52-week highs

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.1% to 7,486.9 points.

Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:

Beach Energy Ltd (ASX: BPT)

The Beach Energy share price is up over 4% to $1.57. This follows the release of the energy producer's quarterly update. Although Beach reported an 8% quarter on quarter decline in production to 4.8 MMboe, its revenue still rose 1% to $408 million for the quarter.

Coles Group Ltd (ASX: COL)

The Coles share price is up 2.5% to $17.80. Investors have been buying this supermarket giant's shares following the release of a bullish broker note out of Credit Suisse. According to the note, the broker has upgraded Coles shares to an outperform rating with an improved price target and $19.31 price target. This implies potential upside of 8.5% from current levels.

Cronos Australia Ltd (ASX: CAU)

The Cronos Australia share price is up 7% to 54 cents. This morning, this medical cannabis company announced changes to its clinical operations. This will see clinics in the Gold Coat, Brisbane, and Sunshine Coast close and transition to a 100% telehealth service. These changes are expected to deliver significant overhead cost savings.

Woolworths Group Ltd (ASX: WOW)

The Woolworths share price is up 3% to $35.78. This also appears to have been driven by a broker note out of Credit Suisse. Its analysts have upgraded Woolworths shares to an outperform rating with a $36.51 price target. The broker expects the supermarkets to benefit greatly from food inflation in 2023.

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. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Coles Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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