In early afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is back on form and pushing higher. At the time of writing, the benchmark index is up 0.3% to 7,975.3 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Appen Ltd (ASX: APX)
The Appen share price is up a further 4% to $1.04. This artificial intelligence data services company's shares are rising for a second day in a row despite there being no news out of it. However, with its shares being sold off heavily in recent sessions, some investors may believe that this has created a buying opportunity. Especially given its much-improved performance during the first half of FY 2024. The Appen share price remains down approximately 25% since 23 August.
GPT Group (ASX: GPT)
The GPT Group share price is up 3% to $5.05. This is likely to have been driven by the release of a broker note out of Morgan Stanley this morning. According to the note, the broker has upgraded this property company's shares to an overweight rating with an improved price target of $5.60. Morgan Stanley thinks that GPT Group would be a great option for investors that are looking for low risk exposure to the real estate sector. Particularly given its expectation for occupancy rates to trend higher from here.
Nextdc Ltd (ASX: NXT)
The Nextdc share price is up 8% to $17.34. This may have been driven by excitement in the data centre space following the sale of AirTrunk this week. Private equity giant Blackstone is paying approximately $24 billion to acquire the NextDC rival. Last month, analysts at Morgans put an add rating and $20.50 price target on NextDC's shares. They said: "NXT's FY24 result was slightly stronger than expected while FY25 guidance was slightly lower than expected due to a slower ramp-up in revenue and faster ramp-up in scale-up costs, positioning the business for significant expansion."
oOh!Media Ltd (ASX: OML)
The oOh!Media share price is up 4% to $1.30. This could have been driven by a broker note out of Goldman Sachs this morning. Although the broker only has a neutral rating on the media and advertising company's shares, it sees plenty of value in them with its $1.50 price target. It said: "While we are (1) positive on the outlook for the OOH sector and expect continued share growth as a % of the ANZ ad market; and (2) see valuation support (vs. Global OOH peers) we see a difficult 12m ahead for OML given: (1) Broader headwinds for the advertising market (given macro uncertainty) which are likely to drag on revenues; and (2) Elevated contract re-tenders driving lower GP margin."
