Although the All Ordinaries (ASX: XAO) index tumbled lower on Thursday, it didn’t stop some shares from pushing higher.
In fact, three shares were even able to race to new record highs. Here’s why these ASX shares are breaking records:
The A2 Milk Company Ltd (ASX: A2M) share price jumped to a record high of $20.05 on Thursday. Investors were buying the infant formula and fresh milk company’s shares after the release of a positive broker note. According to a note out of UBS, its analysts have retained their buy rating and NZ$22.00 (A$20.64) price target on its shares. The broker believes there is some upside risk to its earnings guidance for FY 2020 and suspects a new product could be launched in the not so distant future.
The Afterpay Ltd (ASX: APT) share price continued its remarkable run and reached a record high of $59.64. This latest gain appears to have been driven by a broker note out of Ord Minnett. Its analysts have retained their buy rating and almost doubled the price target on the buy now pay later platform provider’s shares to $64.70. According to the note, the broker believes Afterpay could have almost 10 million active customers using its platform by the end of the financial year. In addition to this, Afterpay has just revealed a partnership with Apple that sees its platform integrated into Apple Pay.
The Pushpay Holdings Ltd (ASX: PPH) share price stormed to a record high of $7.85 on Thursday. This latest gain means the donor management platform provider’s shares have now doubled in value since this time last year. Investors were buying Pushpay’s shares after it upgraded its earnings guidance for FY 2021 just six weeks after issuing it. At its annual general meeting the company revealed that it now expects EBITDA of US$50 million to US$54 million. This compares to its previous guidance of US$48 million to US$53 million and will be double FY 2020’s earnings.
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More reading
- ASX 200 falls 0.9%, Afterpay share price hits new record
- 3 undervalued ASX growth companies to add to your portfolio
- 3 stellar ASX mid cap growth shares to buy right now
- Pushpay share price jumps nearly 10% on updated guidance
- The a2 Milk share price just hit a record high: Is it too late to invest?
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended PUSHPAY FPO NZX. The Motley Fool Australia owns shares of A2 Milk and AFTERPAY T FPO. 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, Afterpay, and Pushpay shares just hit record highs appeared first on Motley Fool Australia.
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