Why Life360, Rio Tinto, Xero, and Zip shares are climbing today

These ASX shares are having a good session on Tuesday. But why?

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is pushing higher. At the time of writing, the benchmark index is up 0.4% to 7,054.5 points.

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

Life360 Inc (ASX: 360)

The Life360 share price is up 3% to $8.41. This appears to have been driven by a broker note out of Morgan Stanley this morning. Its analysts have retained their overweight rating on the location technology company's shares with an improved price target of $11.50. Morgan Stanley has boosted its earnings estimates to reflect its expectation for a higher average revenue per user metric.

Rio Tinto Ltd (ASX: RIO)

The Rio Tinto share price is up almost 1.5% to $117.19. This follows the release of the mining giant's third-quarter update this morning. Rio Tinto delivered production either ahead or in line with expectations for major commodities. The miner has also reiterated its guidance for FY 2024 for all but one of its commodities.

Xero Limited (ASX: XRO)

The Xero share price is up almost 3% to $117.23. This is despite there being no news out of the cloud accounting platform provider. However, a strong night on the tech-focused Nasdaq index on Wall Street appears to have given Xero and other tech shares a lift on Tuesday. This has seen the S&P/ASX All Technology Index (ASX: XTX) rise 1.3% this afternoon.

Zip Co Ltd (ASX: ZIP)

The Zip share price is up 7% to 30 cents. This appears to have been driven by a broker note out of UBS this morning. Its analysts have taken their sell rating off the buy now pay later provider's shares and upgraded them to a neutral rating with a 32 cents price target. UBS is feeling a bit more positive on Zip's outlook and feels its targets are looking more achievable.

Motley Fool contributor James Mickleboro has positions in Life360 and Xero. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Life360, Xero, and Zip Co. The Motley Fool Australia has positions in and has recommended Xero. 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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