The S&P/ASX 200 Index (ASX: XJO) is back on form and pushing higher on Friday. At the time of writing, the benchmark index is up 0.3% to 8,070.7 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Downer EDI Ltd (ASX: DOW)
The Downer share price is up 18% to $5.65. This follows the release of a better than expected full year result from the integrated services provider. For FY 2024, Downer reported a 5.5% increase in revenue to $11,743.4 million and a 24.5% lift in underlying net profit after tax to $193.9 million. Goldman Sachs notes that its "underlying NPAT of A$194m was +4/+4% vs GSe/VAc." This was driven by top line growth from the Transport and Utilities segments and solid margin expansion.
DroneShield Ltd (ASX: DRO)
The DroneShield share price is up a further 11% to $1.37. Yesterday, analysts at Bell Potter reaffirmed their buy rating on this counter drone technology company's shares with an improved price target of $1.35. The broker said: "We remain confident the company will deliver a significantly improved 2H performance based on 1) the significant level of inventory on hand to facilitate rapid fulfilment, 2) the historical seasonality of the business with >80% of CY23 revenue recorded in the 2H and 3) numerous near-term sales opportunities, including recently announced military aid packages."
Qantas Airways Limited (ASX: QAN)
The Qantas share price is up 5% to $6.68. This morning, analysts at Goldman Sachs responded positively to the airline operator's full year results release from yesterday. The broker has reiterated its conviction buy rating and $8.05 price target on its shares. This implies potential upside of 20% from current levels. Goldman said: "An inline result and generally consistent/better than expected outlook commentary further suggest that earnings have been sustainably reset higher. This is reinforced by a 2H improvement in key operating metrics that precludes the need for a substantial uplift in customer investment."
TPG Telecom Ltd (ASX: TPG)
The TPG Telecom share price is up 6% to $4.87. Investors have been buying this telco giant's shares following the release of its half year results. TPG reported a 1.7% increase in service revenue to $2,327 million and a 3.5% lift in EBITDA to $974 million. And while its net profit after tax was down 39.6% to $29 million, this was due partly to higher depreciation and amortisation. Looking ahead, management believes it is tracking towards the mid-point of its current EBITDA guidance range of $1,950 million to $2,025 million.
