After a strong start to the day, the S&P/ASX 200 Index (ASX: XJO) is currently fighting hard to stay in positive territory. In late morning trade the benchmark index is up slightly to 5,944.4 points.
Four shares that are climbing more than most today are listed below. Here’s why they are surging higher:
The A2 Milk Company Ltd (ASX: A2M) share price has jumped 6.5% to $18.90. This may be in response to a broker note out of UBS on Tuesday. According to the note, the broker has retained its buy rating and NZ$22.00 (A$20.64) price target on the infant formula company’s shares. It believes there is some upside risk to its earnings guidance for FY 2020.
The Carsales.Com Ltd (ASX: CAR) share price has stormed almost 5% higher to $17.77. This follows the release of a business update by the auto listings company this morning. That update revealed that Carsales expects to report adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) in the range of $228 million to $232 million in FY 2020. This represents a 5% to 6% year on year increase in adjusted EBITDA.
The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price is up 5% to $27.59. This gain appears to have been driven by a broker note out of Macquarie this morning. According to the note, the broker has upgraded the medical device company’s shares to an outperform rating. It believes current trading conditions bodes well for the company’s earnings growth in the near term.
The Starpharma Holdings Limited (ASX: SPL) share price has surged 7.5% higher to $1.14. Investors have been buying the company’s shares after it revealed the results of its first radiotherapeutic candidate. DEP lutetium showed highly statistically significant anticancer activity, tumour regressions, and 100% survival in a human prostate cancer model.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Starpharma Holdings Limited. The Motley Fool Australia owns shares of A2 Milk. The Motley Fool Australia has recommended carsales.com Limited and Starpharma Holdings Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The post Why a2 Milk, Carsales, Fisher & Paykel Healthcare, & Starpharma are surging higher appeared first on Motley Fool Australia.
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