Why Nanosonics, Nick Scali, NRW, and Tyro shares are charging higher

A man clenches his fists in excitement as gold coins fall from the sky.

A man clenches his fists in excitement as gold coins fall from the sky.

The S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a gain. In afternoon trade, the benchmark index is up 0.25% to 7,259.2 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are rising:

Nanosonics Ltd (ASX: NAN)

The Nanosonics share price is up almost 9% to $4.53. This appears to have been driven by a broker note out of Ord Minnett. According to the note, the broker has upgraded the infection prevention company’s shares to a hold rating with an improved price target of $4.00. Its analysts believe the company is well-placed to beat its sales guidance in FY 2023 following a strong start to the financial year.

Nick Scali Limited (ASX: NCK)

The Nick Scali share price is up 7.5% to $11.00. In response to yesterday’s trading update at the furniture retailer’s annual general meeting, analysts at Citi have retained their buy rating and lifted their price target to $15.83. Citi notes that Nick Scali is performing notably better in FY 2023 than it was expecting.

NRW Holdings Limited (ASX: NWH)

The NRW share price is up 2% to $2.61. This morning the contract services provider announced that it has been awarded a contract for drill and blast services at the Greenbushes Mine in Western Australia. Management estimates that the seven-year (plus two-year option) contract is valued at $300 million over the initial period. It is scheduled to commence in July 2023.

Tyro Payments Ltd (ASX: TYR)

The Tyro share price is up over 6% to $1.58. This may have been driven by a broker note out of Morgans this morning. According to the note, the broker has retained its add rating and lifted its price target on the payments company’s shares to $2.05. Morgans notes that Tyro lifted its guidance to the top end of its target range at its annual general meeting.

The post Why Nanosonics, Nick Scali, NRW, and Tyro shares are charging higher appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Nanosonics Limited and Tyro Payments. The Motley Fool Australia has positions in and has recommended Nanosonics Limited. The Motley Fool Australia has recommended Tyro Payments. 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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