Why Bellevue Gold, IPH, Life360, and Ramelius Resources shares are racing higher

These shares are starting the week strongly. But why?

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The S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a small decline. In afternoon trade, the benchmark index is down 0.25% to 7,728.9 points.

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

Bellevue Gold Ltd (ASX: BGL)

The Bellevue Gold share price is up 4% to $1.83. This appears to have been driven by a broker note out of UBS this morning. According to the note, the broker has upgraded the gold miner's shares to a buy rating with a $2.05 price target. This implies potential upside of 12% from current levels over the next 12 months. Bellevue Gold recently commenced commercial production at the Bellevue Gold Project in Western Australia and is on track to achieve guidance of 75,000 to 85,000 ounces for the six months to 30 June 2024.

IPH Ltd (ASX: IPH)

The IPH share price is up 3.5% to $6.02. This morning, this intellectual property solutions company announced an extension to its share buyback program of up to $40 million. The buyback period will now continue until 30 May 2025, unless the maximum number of shares are bought back or IPH decides to cease the buyback earlier. The company advised that the buyback program will not impact its existing dividend policy. Nor will it prevent IPH from taking advantage of accretive growth opportunities as they occur.

Life360 Inc (ASX: 360)

The Life360 share price is up 3.5% to $15.65. Investors have been buying this location technology company's shares after brokers responded positively to its first quarter update. One of those brokers was Morgan Stanley, which retained its overweight rating and lifted price target to $17.50. Elsewhere, Bell Potter reiterated its buy rating and increased its price target on the market darling's shares to $17.75. It notes that the company is looking to list in the US very soon, which could be a boost to its valuation given how peers trade on higher multiples.

Ramelius Resources Ltd (ASX: RMS)

The Ramelius Resources share price is up 2.5% to $2.05. This has been driven by the release of a mineral reserve estimate for the gold miner's Eridanus project. The new mineral resource estimate, which now includes the adjacent Lone Pine and Theakston deposits and recent drilling and mining information, is now 21Mt at 1.7g/t for 1,200,000 ounces. This is a 64% increase on last year's estimate. Managing Director, Mark Zeptner, said: "Given the 64% increase is net of depletion and the current open pit will produce over 300,000 ounces once processed, Eridanus is set to become the third +1Moz mine in the Mt Magnet field, after Hill 50 & Morning Star."

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