Why Domino’s, New Hope, PolyNovo, and Telstra shares are pushing higher today

The S&P/ASX 200 Index (ASX: XJO) is out of form on Thursday. In afternoon trade, the benchmark index is down 0.1% to 7,318.3 points.

Four ASX shares that aren’t letting that hold them back today are listed below. Here’s why they are pushing higher:

Domino’s Pizza Enterprises Ltd (ASX: DMP)

The Domino’s share price is up 2% to $68.35. This morning analysts at Morgans reiterated their add rating with an improved price target of $90.00. It said: “Recent positive share price movements in the global QSR sector, combined with the accretive impact of the [German joint venture] transaction, result in our target price increasing from $88 to $90. We retain an ADD rating.”

New Hope Corporation Limited (ASX: NHC)

The New Hope share price is up 2% to $5.77. Investors have been buying New Hope and other coal miner shares on Tuesday. They appear to be betting on coal prices remaining higher for longer, which is likely to underpin bumper profits and dividends in the near term.

Polynovo Ltd (ASX: PNV)

The Polynovo share price is up over 1.5% to $1.96. This appears to have been driven by a bullish broker note out of Macquarie. According to the note, the broker has retained its outperform rating and lifted its price target on the medical device company’s shares to $2.30. Macquarie believes PolyNovo is well-placed for growth following its recent capital raising.

Telstra Group Ltd (ASX: TLS)

The Telstra share price is up 1.5% to $4.07. This is despite there being no news out of the telco giant. However, it is worth noting that Morgan Stanley spoke positively about the company on Monday. According to the note, the broker has retained its overweight rating and lifted its price target to $4.75. Morgan Stanley suspects that a major share buyback could be undertaken if Telstra’s restructure leads to assets being sold off.

The post Why Domino’s, New Hope, PolyNovo, and Telstra shares are pushing higher today appeared first on The Motley Fool Australia.

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More reading

• Where will Telstra shares be in 5 years?
• 5 things to watch on the ASX 200 on Tuesday
• Leading brokers name 3 ASX shares to buy today
• Here are the 10 most shorted ASX shares
• Buy Telstra and this ASX dividend share: experts

Motley Fool contributor James Mickleboro has positions in Domino’s Pizza Enterprises. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended PolyNovo. The Motley Fool Australia has positions in and has recommended Telstra Group. The Motley Fool Australia has recommended Domino’s Pizza Enterprises. 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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