The S&P/ASX 200 Index (ASX: XJO) may be trading over 7% lower than its 52-week high, but that hasn't stopped a couple of stocks from reaching this milestone today.
Two ASX 200 stocks that have hit new 52-week highs are listed below. Here's why they are scaling new heights:
Liontown Resources Ltd (ASX: LTR)
The Liontown share price has built on yesterday's sensational gain and risen to a 52-week high of $2.64 on Wednesday. This has been driven by the lithium developer receiving and rejecting a takeover approach this week.
Analysts at Bell Potter believe that Albemarle's $2.50 per share takeover proposal was "reasonable but not full."
In response to the news, the broker has reiterated its speculative buy rating with an improved price target of $3.35. This suggests that this ASX 200 lithium stock could rise a further 27% from its current 52-week high of $2.64.
Its analysts commented:
The corporate interest in LTR from a high-profile US-based industry participant speaks to the quality of Kathleen Valley and the scarcity of growth opportunities in the sector.
Washington H. Soul Pattinson and Co. Ltd (ASX: SOL)
The Soul Patts share price hit a 52-week high of $29.66 on Wednesday. Investors have been buying the investment house's shares since the release of its half-year results release last week.
For the six months ended 31 January, the ASX 200 investment stock reported a regular profit of $475.7 million. This was a sizeable 38.4% increase on the prior corresponding period.
Management advised that this reflects strong performances from its strategic portfolio investments, helped by high commodity prices and contributions from Brickworks Limited (ASX: BKW), Apex Healthcare, and New Hope Corporation Limited (ASX: NHC).
This ultimately allowed the Soul Patts board to increase its interim dividend by 24.1% to a fully franked 36 cent per share.
