The S&P/ASX 200 Index (ASX: XJO) is back on form on Wednesday and racing higher. At the time of writing, the benchmark index is up 1.2% to 8,051 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are charging higher:
Fortescue Ltd (ASX: FMG)
The Fortescue share price is up 2.5% to $18.73. This appears to have been driven by a broker note out of Morgans this morning. According to the note, the broker has upgraded the iron ore miner's shares to an add rating with a $23.00 price target. It made the move on valuation grounds following a heavy decline this week. However, it is worth noting that the broker acknowledges that this wasn't an easy upgrade to make. This is because it still believes there are substantial risks and fundamental challenges facing the company.
Liontown Resources Ltd (ASX: LTR)
The Liontown Resources share price is up over 2% to 93.5 cents. Investors have been buying this ASX lithium stock on Wednesday after it announced the commencement of production at the Kathleen Valley Lithium Project. According to the release, Liontown's first spodumene concentrate was produced at the project following the commissioning of the wet plant and end-to-end operation of the Kathleen Valley value chain. Liontown's managing director and CEO, Tony Ottaviano, said: "This is a monumental moment for Liontown and marks our transition from a construction project to a producer of high-quality lithium concentrate."
Siteminder Ltd (ASX: SDR)
The Siteminder share price is up 6% to $5.79. This follows the release of a trading update from the hotel software provider. Siteminder reported a 26% increase in revenue to $190.7 million for FY 2024. This was driven by a 41.2% increase in Transaction revenue and an 18.8% increase in Subscription revenue to $122.4 million. This led to the company's annualised recurring revenue (ARR) lifting 20.8% to $209 million for the year.
TechnologyOne Ltd (ASX: TNE)
The TechnologyOne share price is up almost 5% to $20.50. Investors have been buying the enterprise software provider's shares after brokers responded positively to its investor day update on Tuesday. One of those brokers is UBS, which has reaffirmed its buy rating and $21.90 price target. UBS was pleased to see the company bring forward its $500 million ARR target and announce a new $1 billion 2030 target. Given its strong growth outlook, the broker believes the company's shares deserve their premium valuation.
