In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is trading a fraction higher. At the time of writing, the benchmark index is up slightly to 7,121.8 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price is up 5% to $4.50. Investors have been buying this beaten-down infant formula company's shares after analysts at Morgans upgraded them to an add rating with a reduced price target of $5.40. While underwhelmed with its weak FY 2024 guidance, the broker appears confident that things will be much better the year after.
Altium Limited (ASX: ALU)
The Altium share price is up 28% to $47.37. This has been driven by the release of the electronic design software company's stellar full-year results. Altium reported a 19.2% increase in revenue to US$263.3 million and a 20.3% lift in EBITDA to US$96 million. It is now guiding to revenue of US$315 million to US$325 million (20% to 23% growth) and an underlying EBITDA margin of 35% to 37% in FY 2024.
Megaport Ltd (ASX: MP1)
The Megaport share price is up 20% to $12.49. Investors have been buying this network services company's shares after it reported a maiden operating profit for FY 2023. Megaport posted revenue growth of 40% to $153.1 million and normalised EBITDA of $20.2 million. The latter compares to a loss of $10.2 million a year earlier. Even better news is that management expects FY 2024 EBITDA growth to be between 152% and 182% year on year.
Nuix Ltd (ASX: NXL)
The Nuix share price is up over 10% to $1.68. The catalyst for this was news that this investigative analytics and intelligence software provider has resolved its $183 million legal case with its former CEO, Eddie Sheehy. Mr Sheehy's appeal will be dismissed, his share options will be cancelled, and he will make a contribution of $700,000 towards Nuix's legal costs.
