The Afterpay Ltd (ASX: APT) share price has been a very impressive performer once again on Thursday.
This afternoon the payments company’s shares have charged 7.5% higher and reached a new record high of $66.97.
Why is the Afterpay share price at a new record high?
Investors have been buying the company’s shares again on Thursday after it was the subject of a positive broker note out of Citi.
Although the broker has retained its neutral rating on the buy now pay later platform provider’s shares, it has more than doubled its price target on them.
Citi has lifted its price target to $64.25 from $27.10 after upgrading its earnings estimates materially. This follows its impressive growth in the UK and United States and its belief that Afterpay will benefit from the acceleration in the shift to online shopping.
Costa retains its buy rating.
Afterpay isn’t the only company that Citi has given a boost to on Thursday.
The Costa Group Holdings Ltd (ASX: CGC) share price is up 7% this afternoon after the broker retained its buy rating and $3.40 price target on the horticulture company’s shares.
The broker notes that wholesale prices of many key products were very strong in Australia in June. It also points out that global citrus pricing trends have been favourable recently.
Whitehaven upgraded.
And finally, the Whitehaven Coal Ltd (ASX: WHC) share price is up over 5% at the time of writing. This could also have been driven by a broker note out of Citi.
On Wednesday the broker upgraded the coal miner’s shares to a buy rating from neutral with a $1.75 price target. It feels that thermal coal prices have dropped to a level that will lead to some producers curtailing production in an effort to boost prices.
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More reading
- Why Afterpay, Bigtincan, Dicker Data, & NIB shares are racing higher
- ASX 200 up 0.9%: Citi lifts Afterpay price target, Webjet boosts liquidity
- What’s next for WAAAX shares?
- Can the Afterpay share price climb another 150% in FY21?
- 10 FY21 ASX share picks revealed by Bell Potter
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO. The Motley Fool Australia owns shares of 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.
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