Why Baby Bunting, Carsales, GWA, and Imugene shares are racing higher

These ASX shares are starting the week strongly.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a disappointing decline. The benchmark index is currently down 0.9% to 7,272.1 points.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:

Baby Bunting Group Ltd (ASX: BBN)

The Baby Bunting share price is up 9% to $2.28. Investors have been buying this baby products retailer's shares after analysts at Morgans upgraded them to an add rating with a $2.50 price target. The broker made the move after increasing its earnings estimates to reflect cost reductions and a better sales outlook.

Carsales.Com Ltd (ASX: CAR)

The Carsales share price is up 6% to $26.11. This follows the release of the auto listings company's FY 2023 results. Carsales reported an 18% increase in pro forma revenue and a 43% lift in adjusted net profit after tax to $278.2 million. Looking ahead, management expects "to deliver good growth in Revenue and [pro forma] EBITDA in FY24" and an "expansion in the carsales Group EBITDA margin."

GWA Group Ltd (ASX: GWA)

The GWA share price is up 7% to $2.06. This has been driven by the release of the building fittings company's full-year results. GWA reported a 22.7% increase in statutory net profit to $43.2 million. Management commented: "GWA delivered a solid result for FY23 within a rapidly evolving operating environment that comprised two distinct halves."

Imugene Limited (ASX: IMU)

The Imugene share price is up 3.5% to 9.2 cents. This morning, this immuno-oncology company announced that its Phase 1 MAST (metastatic advanced solid tumours) trial evaluating the safety of novel cancer-killing virus CF33- hNIS (VAXINIA) has cleared the cohort 3 intratumoral (IT) arm of the monotherapy dose escalation study.

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 recommended Carsales.com. 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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