In late morning trade the S&P/ASX 200 Index (ASX: XJO) has fought back from an early decline and is pushing higher. At the time of writing the benchmark index is up 0.25% to 6,088.2 points.
Four shares climbing more than most today are listed below. Here’s why they are charging higher:
The Costa Group Holdings Ltd (ASX: CGC) share price is up over 6% to $3.52. Investors have been fighting to get hold of the horticulture company’s shares since the release of its half year results. One broker that thinks they are in the buy zone is Morgans. This morning the broker retained its add rating and lifted its price target to $3.70.
The Harvey Norman Holdings Limited (ASX: HVN) share price is up 6% to $4.49. This retail giant’s shares were given a boost today after analysts at Citi retained their buy rating and lifted the price target on them to $5.00. This follows the release of its full year result late last week, which the broker thought was strong. It also feels confident another stellar six months is coming in the first half of FY 2021.
The NEXTDC Ltd (ASX: NXT) share price has climbed 4% to $12.37. This morning two leading brokers upgraded the data centre operator’s shares in response to its full year results last week. Morgans has upgraded NEXTDC to an add rating with a $13.89 price target, whereas Ord Minnett has upgraded its shares to an accumulate rating with a $13.00 price target. Last week NEXTDC delivered a 23% increase in EBITDA to $104.6 million.
The Splitit Ltd (ASX: SPT) share price is up almost 3% to $1.88 following its half year results. For the six months ended 30 June 2020, Splitit delivered a 133% jump in merchant sales volume to US$89.1 million. This led to the company reporting a 244% increase in gross revenue to US$3.1 million for the six months. Key drivers of its growth were solid increases in customer numbers and merchants.
These 3 stocks could be the next big movers in 2020
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More reading
- ASX 200 edges higher: Fortescue sinks, NAB sells MLC Wealth, Costa jumps
- Splitit share price drops lower on half year update
- Why the Nextdc share price gains could be just beginning
- ASX 200 Weekly Wrap: Earnings drag ASX back to reality
- How to invest in ASX shares in uncertain times?
Motley Fool contributor James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia owns shares of and has recommended COSTA GRP 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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