The S&P/ASX 200 Index (ASX: XJO) opened in the red again this morning. However, three ASX shares are ignoring the noise and rocketing to fresh 52-week highs.
At the time of writing:
- Elevra Lithium Ltd (ASX: ELV) is up 7% to fresh highs of $13.80
- SKS Technologies Group Ltd (ASX: SKS) is up 1.6% to $7.20
- Vitrafy Life Sciences Ltd (ASX: VFY) is up 10% to $2.19
These ASX shares are now hitting fresh yearly highs. Many investors might now be questioning if it's too late to gain positions in these companies.
Let's see what analysts are projecting.
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Elevra Lithium
Elevra Lithium engages in the exploration, development, and mining of lithium raw materials. Its portfolio includes projects in Québec, Canada, the United States, Ghana, and Western Australia.
It has been one of the many ASX lithium shares charging higher this year.
A key catalyst has been the global oil shock linked to the Iran conflict, which has increased interest in electric vehicles (EVs) as an alternative to expensive fossil fuels. This shift is boosting expected demand for lithium, a critical battery material.
At the time of writing, this ASX lithium stock is up 72% year to date.
However, experts are suggesting that there is limited further upside.
The average analyst forecast via TradingView indicates a fair price target of $14.03.
This is just 2% higher than today's share price.
SKS Technologies
SKS Technologies engages in the development and distribution of technology products. It provides audiovisual products & solutions and electrical and communications cabling for the commercial, retail, health, defence, and education markets.
It has been drawing positive outlooks from brokers thanks to its exposure to the booming data centre (DC) market.
At the time of writing, it is up 81% year to date and sits at $7.18 per share.
This is significantly above recent price targets from Morgans, which recently retained its accumulate rating on its shares with a revised price target of $6.70.
Other analysts' ratings are hovering around $6.47 per share, which is 9.8% below current levels.
Vitrafy Life Sciences
Vitrafy Life Sciences developed a range of proprietary smart cryopreservation hardware devices and Lifechain, an integrated, cloud-based software platform, to provide a complete, vertically integrated cryopreservation solution to retain the quality of cryopreserved biomaterials.
At the time of writing, its share price is up 71% year to date.
Unlike the previous two ASX shares mentioned above, VFY shares may still have modest upside.
According to analyst ratings via TradingView, VFY could rise a further 6% from current levels.
