The Afterpay Ltd (ASX: APT) share price has reached the magic $120 mark today as it continues to break records. Shares of the buy now, pay later (BNPL) giant reached as high as $120.77 intraday trade, but have since retreated to $120.31, up 4.98% at the time of writing.

It has been an incredible week for the Afterpay share price, which is up 25% in just the last 5 days. Its recent performance means shares in the company have now climbed an astounding 315% since this time last year.

What has been driving the Afterpay share price?

Afterpay needs no introduction, despite only joining the S&P/ASX 200 Index (ASX: XJO) 2 years ago. Its shares have been rising ever since.

Recently Afterpay became part of an exclusive club, storming into the S&P/ASX 20 Index (ASX: XTL). The shakeup comes on the back of disruption caused by COVID-19, evidenced by the fact that a growth share is replacing the blue-chip Insurance Australia Group (ASX: IAG) on the index.

Furthermore, the news also means the ASX juggernaut will be joining the S&P/ASX 50 Index (ASX: XFL) come 21 December.

Strong business performance

Another reason for Afterpay’s impressive share price performance is its continued strong business performance.

In late October, the BNPL giant released its first quarter results. Management stated that Afterpay had seen strong performance across all regions, leading to underlying sales increasing from $1.9 billion to $4.1 billion in just one year, an increase of 115%. The sales total marked yet another record in Afterpay’s impressive run.

Afterpay’s active customers also increased globally, rising 98% to 11.2 million within the year. Unsurprisingly, the company reported the majority of growth was driven by younger Gen X and Gen Z customers.

Foolish takeaway

With Afterpay’s impending addition to the ASX 20 index come 21 December, shareholders have been bidding up the S&P/ASX All Technology Index (ASX: XTX)’s largest member. The index inclusion will result in a flow of capital from passive and active funds into Afterpay’s stock.

At the time of writing, the Afterpay share price is sitting at $120.31 per share.

More reading

• Why 2021 may be an even better year for ASX investors
• The Tyro (ASX:TYR) share price is down 20% in one month. Time to buy?
• Openpay (ASX: OPY) share price rockets up 8% after major announcement
• Why the Afterpay (ASX:APT) share price is not the only rising star this year
• How the 21st century actually started in 2020

Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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PayGroup Ltd (ASX: PYG) shares were charging higher today following release of the company’s trading update for November. By the market’s close, the PayGroup share price was up 11.11% to 60 cents.

Let’s take a closer look and see how the human capital management (HCM) solution company performed last month.

What’s driving the PayGroup share price higher?

The PayGroup share price was on a tear today after the company reported trading conditions for its subsidy, AstuteOne, have rebounded strongly from the impacts of COVID-19.

The company said that AstuteOne delivered a 43% increase in timesheets throughout November for both Australia and New Zealand. This was compared with the June period, during which the business was most heavily impacted by COVID-19 restrictions.

PayGroup highlighted that AstuteOne’s clients, which primarily comprise workforce management companies, provide a leading indicator of employment trends. Further to this, the company believes that the increase in labour hire indicates an employment recovery.

In addition to the sound result, PayGroup’s Treasury Services partner recorded a 60% monthly revenue increase over the same timeframe.

Astute pleasingly signed on 37 new clients during the first half of 2021, representing total contract value of $1.1 million. The prime minister’s business stimulus package for apprentices has seen strong uptake by government training organisations transitioning to the AstuteOne software-as-a-service platform.

Payroll HQ acquisition update

On 14 December, PayGroup completed its acquisition of Payroll HQ. The company predicts the takeover will lead to strong sales of TalentOz in both Australia and New Zealand.

TalentOz, which uses PayGroup’s full suite of products, is being offered across 41 countries.

What did the management say?

PayGroup managing director Mr Mark Samlal commented on the trading conditions for AstuteOne, saying:

Increased activity for our clients in the workforce management sector is a leading indicator of economic recovery. It’s very pleasing to see the increased business confidence in Australia and New Zealand, reflecting more buoyant employment conditions following the easing of lock down restrictions. This is having a positive impact on volumes for our AstuteOne business and the acquisition of new clients.

Our revenues will continue to grow in FY21 as new clients increase their hiring, and as existing clients increase their volumes as demand increases. Our new GTO clients have hiring volumes that are directly linked to apprentices being hired in greater numbers. These GTOs are seeing a greater need to digitise their pay-to-bill workflows. 

PayGroup is scheduled to release its updated sales data for FY21 in the first week of the new calendar year. 

More reading

• PayGroup (ASX:PYG) share price rocky following half year results

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) went up by 1.2% today to 6,757 points.

Here are some of the highlights from the ASX:

Transurban Group (ASX: TCL) asset sale and traffic update

The toll road operator revealed that it has agreed to sell a 50% interest in its Chesapeake assets to AustralianSuper, Canada Pension Plan Investment Board (CPP Investments) and UniSuper for gross sale proceeds of AU$2.8 billion, plus a potential earn-out between FY24 and FY26 of up to AU$93 million.

Chesapeake comprises Transurban’s Greater Washington Area operational assets.

Transurban said the sale introduces strategically aligned partners with a track-record of working alongside Transurban in Australia on assets in Queensland and Sydney. The roll road business said that AustralianSuper, CPP Investments and UniSuper each bring significant infrastructure investment experience and relationships to the partnership.

The Transurban Chesapeake partners have exclusive development rights to invest alongside Transurban on future brownfield and greenfield opportunities in the Commonwealth of Virginia, State of Maryland and Washington DC as well as enhancements to existing concessions.

Transurban CEO Scott Charlton said: “This transaction realises significant value for security holders while enabling accelerated growth in North American and Australia, where we see a number of opportunities starting to materialise.

“The Transurban Chesapeake partners are committed to growing alongside Transurban in North America and we look forward to pursuing new opportunities with their financial and strategic support.”

The Transurban share price went up 1.2% today.

Pro Medicus Ltd (ASX: PME)

Pro Medicus announced today it had signed a 5-year, $18 million deal with MedStar Health. The company’s Visage technology will replace MedStar’s legacy PACS across 10 hospitals, representing the largest health system in the Maryland and District of Columbia (DC) region.

The contract is for the full suite of Visage 7 modules, including Visage 7 Viewer, Visage 7 Open Archive and Visage 7 Workflow. The Visage 7 platform will be fully deployed in the public cloud using the Google Cloud Platform.

Pro Medicus said this contract is a transaction-based model with potential upside, and it extends Pro Medicus’ rapidly growing footprint North America.

The Pro Medicus share price went up by 3.3% today.

Bapcor Ltd (ASX: BAP)

Auto parts business Bapcor released another trading update today.

The company was pleased to tell investors that its strong growth has continued since the October trading update.

For the five months to the end of November, group revenue was up around 26%. Management said the company was achieving operating leverage from lower expenses in areas such as travel and other areas of discretionary expenditure, as well as lower interest rates and the contribution from Truckline which was not included in the prior corresponding period.

For the first half of FY21 Bapcor is expecting to achieve revenue growth of at least 25% over the prior corresponding period in FY20, with net profit after tax (NPAT) increasing by at least 50% compared to the prior corresponding period.

Darryl Abotomey, Bapcor CEO and managing director, said: “We are very pleased with the strong performance of Bapcor’s businesses. Trade and wholesale represent over 80% of Bapcor’s business, with retail at approximately 20%. Historically, trade focussed businesses perform solidly in difficult economic conditions – which is again borne out of Bapcor’s current performance.”

Bapcor also said that the construction of the new Victorian distribution centre is progressing well. The company said this is an exciting development that will deliver significant operational benefits.

The Bapcor share price went up around 3% today.

Zip Co Ltd (ASX: Z1P)

The Zip share price went up 1% today after the buy now, pay later business announced a capital raising and the successful completion of the placement.

Zip said that it has raised $120 million before costs through its fully underwritten placement at a raising price of $5.34, which was a 4.1% discount to the last traded price on 16 December 2020.

Larry Diamond, the managing director and CEO of Zip said: “The additional growth capital will enable Zip to capitalise on the successful acquisition of QuadPay in the US, scale Zip’s operations in the UK, lead the active pursuit of global growth opportunities and support the launch of Zip Business.”

Zip said that some of the raised money will be used to acquire Spotii, a BNPL operator headquarterd in the UAE as well as Twisto which is a payments platform operating in Czechia and Poland, with the ability to passport licensing across the EU.

More reading

• Leading broker just upgraded these ASX gold stocks to “buy”
• ASX stock of the day: Why are Netwealth (ASX:NWL) shares up 7%?
• Why the ASX 200 could be the Nasdaq of 2021
• Why Codan, Pro Medicus, Uniti, & Zip shares are storming higher
• Some things ASX investors should watch out for in 2021

Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Bapcor and Pro Medicus Ltd. The Motley Fool Australia owns shares of Transurban Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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There’s been no movement in the Etherstack PLC (ASX: ESK) share price today after the company announced a trading halt this morning. Etherstack shares were trading at 64 cents prior to the halt, which was requested by the company pending a further announcement regarding a “material capital raising”.

The Etherstack share price has performed well this year, gaining a huge 220% in year-to-date trading. 

What Etherstack does

Etherstack is a wireless technology company that specialises in developing, manufacturing and licensing mission-critical radio technologies. The company primarily works with wireless equipment manufacturers and network operators around the globe, including the likes of Samsung Electronics and Cisco Systems Inc.

The company was founded and is based in Sydney, but is twice as large offshore than onshore. It first listed on the ASX in 2012 and is focused on the public safety, defence, utilities, transportation and resources sectors.

What happened?

This morning, trading in Etherstack shares was halted as the company announced it would be undertaking a capital raising.

Etherstack stated it would be raising material capital by way of an institutional placement. This means that only institutions, not retail investors, will have access to the additional shares at a discounted price. The company did not state whether the placement was underwritten or not.

What Now?

With the trading halt expected to last until 21 December, it is unlikely any Etherstack shares will change hands until next week. This is unless there is a prior announcement by the company prior to the market’s close on Friday this week.

In announcing the capital raising, it’s likely management is seeking to benefit from the company’s elevated share price. Etherstack shares notably soared by 1358% in June on the back of major contract win announcements. The company’s shares were trading as high as $1.75 as a result of it signing a global teaming agreement with Samsung Electronics for public safety communications.

Since its extraordinary rise, the Etherstack share price fell sharply in early July and has been trading around its current levels over the last six months. 

More reading

• Etherstack (ASX:ESK) share price falls despite solid guidance
• The Etherstack (ASX:ESK) share price is soaring 10% higher today. Here’s why.

Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Qantas Airways Limited (ASX: QAN) has won an appeal to reverse an earlier court ruling that it had inappropriately pocketed JobKeeper payments meant for staff.

The full Federal Court on Thursday quashed the original September judgment made by a single judge. 

The reasoning was that adhering to that decision would have posed an excessive level of administrative burden on employers. The judges deemed that would not have been the intent of the government when it started the COVID-19 assistance scheme.

The dispute between the airline and unions was around wages paid in arrears. Qantas had been counting arrears payments towards the JobKeeper payment, whereas unions argued staff should be receiving both the wage owed and the government subsidy.

Qantas understandably welcomed the decision to uphold its appeal.

“We have always made JobKeeper payments to our employees according to advice from the Australian Tax Office,” said a spokesperson for the airline.

“Most of the JobKeeper payments Qantas has received went straight to employees who were stood down.”

The original decision was considered to have potential to affect other businesses that paid the subsidy out in a similar way to Qantas.

Qantas gets fired up

The airline on Thursday accused the unions of “making false claims and misleading our employees”.

“The court has found we are administering JobKeeper as the government intended,” the Qantas spokesperson said.

“Every Qantas and Jetstar employee, whether they have been working or stood down, was paid at least $1500 per fortnight in line with the requirements of the first stage of JobKeeper, and then the reduced amounts specified by the government.”

The Motley Fool has contacted the Transport Workers’ Union (TWU) and the Australian Services Union (ASU) for comment.

The spokesperson added the company had always paid penalty rates and overtime in the same manner as it did this year.

“This is not something we just started doing during COVID. Rostering arrangements during the stand down period was done in consultation with unions.”

This is not the only spat Qantas has had with its employees this year. The two sides engaged in a public slanging match over the decision to sack 2,000 workers and outsource their functions. 

That saga is headed to the courts after TWU decided it would take legal action. 

The latest good news for Qantas comes after it revealed Wednesday its budget arm Jetstar would be flying above pre-COVID levels by March.

The brand is now enjoying a monopoly in that leisure subsector with TigerAir having folded and Virgin intending to go mid-market.

Qantas shares were down 0.59% in late Thursday trade, to sell for $5.06.

More reading

• Why the Regional Express (ASX:REX) share price is soaring 10% higher today
• Qantas (ASX:QAN) budget flights to exceed pre-COVID levels by March
• ASX 200 rises on Monday
• Why I’m sticking with my Afterpay shares: fundie
• This is when ASX airport shares will take off

Motley Fool contributor Tony Yoo owns shares of Qantas Airways Limited. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The CogState Limited (ASX: CGS) share price is going ballistic today, up 44% at the time of writing.

This will come as more good news to longer-term shareholders, who’ve seen the share price rocket 207% since the closing bell on 31 December last year.

By comparison the All Ordinaries Index (ASX: XAO) is up just under 3% over that same time.

What does CogState do?

Founded in 1999, CogState is a neuroscience technology company. The company provides technology and services to measure cognition and optimise the assessment of brain health to aid in new medicine development and provide earlier clinical insights. Its operating segments include clinical trials, healthcare, and research.

CogState shares first listed on the ASX in 2004. At the current share price, CogState has a market cap of approximately $141 million.

Why has the CogState share price been charging higher?

CogState finished last year trading at 39 cents per share. And it hasn’t been a straight uphill run to the current $1.20 per share.

Like most every ASX share, CogState didn’t escape the ravages of the COVID-19 driven market panic earlier this year. From 10 January through to 23 March, the CogState share price plunged 47%. If you were savvy or lucky enough to buy shares at that low, you’d be sitting on a gain of 313% today, far outpacing the 53% gains posted by the broader All Ords. 

CogState shares received a huge lift in late July after the company released its quarterly cash flow statement and business update. That revealed a new record high in sales contracts that made 2020 its most successful financial year to date.

Share largely continued to trend higher from late July until receiving another turbo boost towards the end of October. That boost came on the back of the company announcing an agreement with Japanese pharmaceutical firm, Eisai. In exchange for the right to exclusively distribute CogState’s digital cognitive assessment technologies, Eisai agreed to an upfront payment of US$15 million as well as paying CogState a royalty on sales.

That gives us some background to CogState’s explosive share price growth in 2020.

As for the 44% intraday share price gain today? It appears to be happening on no new market news.

More reading

• Qantas (ASX:QAN) didn’t rort JobKeeper, rules court
• Leading broker just upgraded these ASX gold stocks to “buy”
• Recent development sends the Antisense (ASX:ANP) share price soaring 45%
• 2 high quality ETFs for ASX investors to buy
• Top brokers name 3 ASX shares to sell today

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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ASX gold stocks are rising with the market but there’re two that are leading the charge after getting upgraded by Citigroup.

These upgraders are the Northern Star Resources Ltd (ASX: NST) share price and Saracen Mineral Holdings Limited (ASX: SAR) share price.

These stocks jumped 3.1% to $12.57 and 2.8% to $4.72, respectively, in late trade.

ASX gold stocks not shining as brightly

In contrast, the S&P/ASX 200 Index (Index:^AXJO) rallied by around 1% ahead of the market close today.

Other gold miners aren’t faring as well. The Newcrest Mining Ltd (ASX: NCM) share price and Evolution Mining Ltd (ASX: EVN) share price are lagging behind with a 0.2% to 0.5% gain.

Latest ASX gold stocks to be upgraded to buy

The Northern Star share price and Saracen share price outperformance coincided with Citigoup’s decision to upgrade both to “buy” from “neutral”.

What’s interesting is that the upgrades came at the same time Citi was downgrading its gold price forecasts.

Gold price close to peak

“Citi’s commodity team has downgraded its outlook for gold, now calling for ‘peak gold’ in 2021 before unwinding in 2022 based on vaccine news and sharp global growth,” said the broker.

“We update our estimates accordingly seeing material cuts to earnings, NPVs and target prices across our coverage universe.”

The broker expects the price of the precious metal to make a fresh push to above US$1,975 an ounce in the next six to nine months. This should be enough to push the average gold price to new record highs in 2021.

Gold getting hammered by rising risk appetite

However, the party won’t last. Citi is tipping the gold price to fall. Its long-term price assumption is US$1,400 an ounce (adjusted for inflation).

What’s taming the broker’s bullishness towards the safe haven asset are the risks that the US Federal Reserve could turn hawkish as the COVID‐19 recovery unfolds.

The big jump in industrial metals like copper is adding to the view that investors are rotating towards risk assets and away from safe havens.

The recent downtrend in the US dollar is also further evidence that the great rotation is already unfolding, in my view. After all, the greenback is seen as the world’s reserve currency and is in demand when things look dicey.

Merger potential a saving grace

What the NST share price and SAR share price have going for them is their potential merger.

“SAR remains our preference heading into the deal,” added Citi.

“MergeCo should be the second-largest gold producer on the ASX and one of a handful that can deliver meaningful growth over the next couple of years.”

But both stocks aren’t immune from the lower gold price forecasts. Citi’s 12-month price target on the Northern Star share price falls by $2 to $13.90 a share.

The Saracen share price target is also cut to $5.30 from $6.20 a share.

More reading

• ASX stock of the day: Why are Netwealth (ASX:NWL) shares up 7%?
• Why the ASX 200 could be the Nasdaq of 2021
• Some things ASX investors should watch out for in 2021
• ASX 200 up 0.7%: Zip capital raising, A2 Milk trading halt, Sydney Airport dividend update
• Citigroup picks the best ASX retail stocks to own for 2021

Motley Fool contributor Brendon Lau owns shares of Evolution Mining Limited and Newcrest Mining Limited. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Antisense Therapeutics Ltd (ASX: ANP) share price is storming high today. This comes as the biotech company made a recent announcement on a decision by the European Commission on one of its medicinal products.

At the time of writing, the Antisense share price is up an astonishing 31.82% to 14 cents, after rocketing by as much as 45% earlier this afternoon. Indeed, the All Ordinaries Index (ASX: XAO) pales in comparison, moving 0.9% higher to 6,976 points.

What’s rocketing the Antisense share price higher?

Investors are running in droves to get a hold of Antisense shares after this latest development.

Just days ago, the European Commission advised it had granted orphan drug designation for Antisense’s ATL1102 medicinal product for Duchenne muscular dystrophy.

The positive outcome was a result of the favourable opinion issued by the European Medicines Agency (EMA) Committee last month. The company also recently obtained orphan drug designation and rare paediatric disease designation for ATL1102 in the United States.

Achieving orphan status in the European Union allows Antisense to receive development and marketing incentives. These concessions include reduced fees on scientific advice and the marketing authorisation application. In addition, the company will be granted market exclusivity for 10 years upon regulatory approval. A further 2 years can be added for its paediatric use in the treatment of Duchenne muscular dystrophy.

What did the head of Antisense say?

Mr Mark Diamond, Antisense managing director and CEO, commented on the result:

We are very pleased the EC has adopted the decision to designate ATL1102 for DMD as an Orphan Drug in the EU. We have now successfully achieved orphan drug designation in Europe and orphan drug and rare paediatric disease designations the US, the world’s major pharmaceutical markets.

We expect that the incentives that come from such designations including marketing exclusivity periods will be of very significantly commercial value should ATL1102 be successful in its progress through development and ultimately achieve marketing approval.

How has the Antisense share price performed recently?

The Antisense share price has reached a multi-year high today on the back of the European Commission’s decision.

At the start of the year, its shares were swapping hands for 9 cents and now they are trading for 14 cents per share — a gain of more than 55%.

More reading

• With the Archer Materials (ASX:AXE) share price up 222% this year, what’s next?
• Why the BSA (ASX:BSA) share price has surged 7% higher today
• Why the Uniti (ASX:UWL) share price is on watch today
• Why Meteoric Resources (ASX:MEI) share price is soaring 6% higher
• Why the Cardiex (ASX:CDX) share price, up 73% in 2020, is gaining again today

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Exchange traded funds (ETFs) provide investors with an easy way to invest in a large number of shares through just a single investment. This includes whole indices, commodities, or even investment themes.

Unsurprisingly, this has gone down well with investors and has led to their popularity surging in recent times. In fact, November was another record-breaking month for the local ETF industry.

If you’re looking to join in on the action, then you might want to get better acquainted with the two ETFs listed below:

BetaShares Global Cybersecurity ETF (ASX: HACK)

The BetaShares Global Cybersecurity ETF aims to track the performance of an index that provides investors with exposure to the leaders in the global cybersecurity sector. This includes a number of cybersecurity giants and emerging players, such as Accenture, Cisco, and Cloudflare, Crowdstrike, and Okta.

With cybercrime on the rise, BetaShares notes that demand for cybersecurity services is expected to grow strongly for the foreseeable future. This could lead to this side of the market outperforming the broader market over the coming years.

And with the cybersecurity sector heavily under-represented on the ASX, this ETF ensures that Australian investors don’t miss out on these potential returns.

VanEck Vectors Morningstar Wide Moat ETF (ASX: MOAT)

When it comes to choosing shares to buy, Warren Buffett often talks about companies with moats. These are sustainable competitive advantages, which over the long run have supported earnings growth and underpinned strong returns for the legendary investor.

Identifying companies with moats can be time-consuming for retail investors. Luckily, VanEck has done the hard work for you and put together a fund with 48 US-based stocks which have sustainable competitive advantages.

Among its holdings are the likes of Amazon, American Express, Boeing, Coca-Cola, Microsoft, Pfizer, and Yum! Brands. Over the last five years the ETF has generated a net return of ~16% per annum for investors.

More reading

• 2 ETFs delivering solid returns
• 2 quality ETFs to buy for long-term investing
• 2 ETFs for ASX tech investors to buy today
• 4 ASX growth shares to buy in December
• Why this ASX cybersecurity ETF is a buy today

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of BETA CYBER ETF UNITS. The Motley Fool Australia has recommended VanEck Vectors Morningstar Wide Moat ETF. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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On Wednesday I looked at three ASX shares that brokers have given buy ratings to this week.

Unfortunately, not all shares are in favour with them right now. Three ASX shares that have just been given sell ratings by brokers are listed below. Here’s why these brokers are bearish on them:

Estia Health Ltd (ASX: EHE)

According to a note out of Morgan Stanley, its analysts have downgraded this aged care operator’s shares to an underweight rating with a reduced price target of $1.50. The broker made the move after downgrading its earnings estimates for Estia Health. It believes that the company’s earnings will remain challenged until the Royal Commission into the sector is finalised. The Estia Health share price is trading at $1.72 today.

News Corporation Class B Voting CDI (ASX: NWS)

Another note out of Morgan Stanley reveals that its analysts have retained their underweight rating and US$15.00 price target on this media giant’s US listed shares. While the broker acknowledges that potential changes in Australia, in relation to social media companies paying for content, could be a big positive for the company, it isn’t enough for a change of rating. The broker continues to believe that News Corp’s shares are overvalued and its earnings outlook is challenging. The US listed shares of News Corp last traded at US$17.64, which implies potential downside of approximately 15%.

St Barbara Ltd (ASX: SBM)

Analysts at Macquarie have retained their underperform rating and $2.40 price target on this gold miner’s shares. This follows the company’s investor briefing, which highlighted new opportunities at its Gwalia mine. The broker notes that the company intends to undertake a new province strategy to fill its under-utilised mill and then develop provincial open pit and historic stockpile opportunities. While this has the potential to be a positive, it isn’t enough to sway Macquarie. It is holding firm with its bearish rating for the time being. The St Barbara share price is fetching $2.48 on Thursday afternoon.

More reading

• 5 things to watch on the ASX 200 on Wednesday
• 5 things to watch on the ASX 200 on Tuesday
• Top brokers name 3 ASX shares to buy today
• News Corp (ASX:NWS) shares sink after Foxtel buyout rejected
• ASX stock of the day: Japara Healthcare (ASX:JHC) share price soars 23%

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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