Why Catapult, Kingsgate, Light & Wonder, and Reece shares are storming higher today

The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street’s lead and is pushing higher again on Thursday. In afternoon trade, the benchmark index is up 0.3% to 8,631.3 points.

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

Catapult Sports Ltd (ASX: CAT)

The Catapult Sports share price is up 5.5% to $5.35. This appears to have been driven by the release of a broker note out of Morgans this morning. According to the note, the broker has initiated coverage on the sports performance technology company’s shares with a buy rating and $6.25 price target. It said: “We forecast strong topline growth for CAT, estimating a ~20% ACV 3-year CAGR, reaching ~US$180m by FY28. A scalable platform and strong SaaS metrics should see CAT join the ‘Rule of 40’ club by FY27. We initiate coverage on Catapult Sports (CAT) with a Buy recommendation and a A$6.25 per share price target.”

Kingsgate Consolidated Ltd (ASX: KCN)

The Kingsgate Consolidated share price is up 2.5% to $4.22. This morning, this gold miner revealed that it has mutually agreed to terminate arbitration proceedings with the Thai government that were commenced in November 2017. Kingsgate’s CEO, Jamie Gibson, said: “This is a historic moment for Kingsgate’s investment in the Chatree Mine. I look forward to an era of renewed cooperation with the Thai Government. I believe that the continuance of operations at the Chatree Mine will deliver significant benefits to Kingsgate and its shareholders as well as to the people of Thailand. More generally, I think this development is a strong and positive signal that Thailand is open for business.”

Light & Wonder Inc. (ASX: LNW)

The Light & Wonder share price is up 5.5% to $151.55. This may have been driven by a broker note out of UBS. This morning, the broker reaffirmed its buy rating and $206.00 price target on the gaming technology company’s shares. It highlights that industry data shows that gaming revenues in the US increased strongly in October.

Reece Ltd (ASX: REH)

The Reece share price is up 4% to $12.75. This morning, this plumbing parts company announced a new $35 million on-market share buyback. The company’s chair and CEO, Peter Wilson, said: “We have a well-defined capital allocation framework and continue to take a long-term approach to shareholder value creation. We remain committed to maintaining a strong balance sheet with a conservative leverage ratio to fund future growth.”

The post Why Catapult, Kingsgate, Light & Wonder, and Reece shares are storming higher today appeared first on The Motley Fool Australia.

More reading

• Down 51% in a year, guess which resurgent ASX 200 stock is lifting off on $35 million buyback news
• Can this ASX 200 share bounce back after crashing 52% this year?
• Here are the top 10 ASX 200 shares today
• Buy, hold, sell: James Hardie, Reece, and TechnologyOne shares
• Is this ASX tech stock ready to be the next global success story?

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 Catapult Sports and Light & Wonder Inc. The Motley Fool Australia has positions in and has recommended Catapult Sports. The Motley Fool Australia has recommended Light & Wonder Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.