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The ASX is off to a flying start today. The benchmark S&P/ASX 200 Index (ASX: XJO) has gained 0.18% to 7447 points from the open while the All Ordinaries (ASX: XAO) is also in the green.

With this comes a number of broker notes from leading investment firms covering ASX shares.

Here are three companies that analysts have labelled as buys today — and the reasons for doing so.

Scentre Group (ASX: SCG)

An update from investment bank JP Morgan covers Scentre Group’s recent deals in the retail property space, which it feels the market is underappreciating.

The broker notes that Scentre Group is trading at 15x its funds from operations (FFO) and presents with a 5% distribution yield.

It suggests “[Scentre’s] 14% discount to net tangible assets implies a further 10% decline in asset values transactions supporting current book values”.

This, it reckons, is an unfair punishment for Scentre Group’s share price. According to the broker, this could bode well for future investors.

As such, JP Morgan has lifted its price target on the Scentre Group share price by 9.4% to $3.50, implying a 12% upside potential at the time of writing.

Scentre Group shares are currently swapping hands at $3.125 cents apiece.

Computershare Ltd (ASX: CPU)

Morgan Stanley has upgraded its price target on Computershare by 20% to $21.50 in an updated analysis today.

The broker believes the provider of issuer and mortgage services has the potential to upgrade its FY22 guidance in support of its view.

Although it acknowledges “wage pressures”, Morgan Stanley also notes Computershare’s current “management” earnings per share (EPS) guidance that calls for a 2% growth in FY22.

This is backed by the broker’s estimates on interest rate hikes, strong corporate action, and various cost-cutting exercises.

Specifically, Computershare’s exposure to longer-term interest rates – up to 5 years – is attractive to the broker.

As such, Morgan Stanley forecasts a robust schedule of growth in EPS of 10% in both FY23 and FY24, helping it arrive at the $21.50 price target.

Shares in Computershare are now changing hands at $19.26 apiece, dipping into the green in early trading. As for the last 12 months, they have gained 43%.

National Australia Bank Ltd (ASX: NAB)

Economic recovery and NAB’s market-leading position are key drivers to the bank’s share price outlook, according to a note from Goldman Sachs.

The broker reckons that NAB’s asset quality is “clean” and of a high grade. It also notes management’s guidance in the bank’s business and private banking divisions don’t appear to impact margin performance.

Following the release of its FY21 results, Goldman was pleased by NAB’s balance sheet expansion and has reiterated its buy recommendation on the ASX share.

JP Morgan agrees, comparing its earnings outlook with that of fellow Australian banks in the Big 4 club.

It too likes NAB’s forecasts on its business banking segment. The broker says it “sets NAB apart, with a return on equity profile second only to CBA in the major banks”.

It also reckons NAB offers the best risk/reward profile in the sector, subsequently reiterating its overweight recommendation as well.

At the time of writing, the NAB share price is commanding $30.055, climbing 4% from the open.

The post These 3 ASX shares have just been named as broker buys appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: NAB hits 52-week high, CSL upgraded
• NAB (ASX:NAB) share price hits 52-week high on bullish broker note
• 5 things to watch on the ASX 200 on Wednesday
• Why Actinogen, AVITA, Inghams, and NAB shares are falling
• The NAB (ASX:NAB) dividend doubled in FY21: Here’s what you need to know

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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 Chalice Mining Ltd (ASX: CHN) share price is flying higher again today. Excitement is still in the air after the minerals explorer proclaimed to the market yesterday that it has made the largest nickel sulphide discovery in more than 20 years, and the largest platinum discovery in Australian history.

At the time of writing, shares in the company are up 8% to $9.42. Impressively, this takes the Chalice Mining rally to approximately 30% in two days.

Let’s recap the news that put all this into motion.

Going down in history

The contents of yesterday’s announcement from Chalice Mining represents a historical moment in Australian mining and exploration history. Investors are still brimming with excitement after the company released its maiden mineral resource estimate for the Gonneville deposit at its 100%-owned Julimar Project in Western Australia.

According to the release, the deposit is of tier-1 scale, containing a mix of oxide, transitional, and sulphide mineralisation. Impressively, the inferred mineral resource is estimated to be 10 million ounces (Moz) of palladium, platinum, and gold. In addition, 530kt of nickel, 330kt of copper, and 53kt of cobalt are also inferred.

The discovery of platinum group elements marks the largest in Australian history. These elements are gaining more interest as they have numerous uses in hydrogen applications. Because of this, the company believes Gonneville could make for a world-class green metals project.

More to come for the Chalice Mining share price?

Having already achieved historic status, Chalice Mining continues to explore the extent of the resource. Currently, the miner is conducting drilling, with assays pending on around 160 drill holes.

Furthermore, Gonneville remains open at the Julimar State Forest boundary to the north. At present, Chalice is awaiting approval to drill over an additional strike length of around 10km.

Investors might be still be speculating on the Chalice Mining share price for a potential increase in the inferred mineral resource, dependent on the results of future drills.

Any additional upside would only add to the already 208% return from the company’s shares over the past 12 months.

The post Chalice Mining (ASX:CHN) share price leaps another 8% on the back of historic discovery appeared first on The Motley Fool Australia.

More reading

• Here are the top 10 ASX shares today
• Why Brainchip, Chalice, Life360, and PointsBet shares are surging higher
• Why the Chalice Mining (ASX:CHN) share price is rocketing 19% today
• Why is the Chalice Mining (ASX:CHN) share price struggling today?
• Minerals 260 (ASX:MI6) share price leaps 36% following IPO

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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 Santos Ltd (ASX: STO) share price is in the red this afternoon. Meanwhile, Santos’ planned merger with Oil Search Ltd (ASX: OSH) is facing another delay.

The oil giants’ merger is subject to approval from Papua New Guinea courts. However, Oil Search’s court date has today been pushed back for the second time.  

At the time of writing, the Santos share price is $6.905, 0.65% lower than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) has gained 0.07% today, while the All Ordinaries Index (ASX: XAO) is down 0.02%.

Let’s take a look at the latest news of the creation of a regional oil giant.

New merger delays

The Santos share price is sliding today amid Oil Search’s Papua New Guinean court date being pushed to tomorrow.

Oil Search was initially set to face court in late October. On the final session of last month, it was announced the appearance had been pushed back until today.

Now today is here, the first court date has been delayed until tomorrow at the request of the Papua New Guinea National Court.

According to reporting by the Australian Financial Review, full documentation for the merger was meant to be released to the ASX today.

Prior to the delays, the companies expected their merger would be effective on 2 December.

However, that schedule will likely be scrapped. Oil Search stated it will update the market when a new timetable has been approved by the court.

Upon completion of the merger, the resulting entity will have a $21 billion valuation. The all-scrip deal will see Oil Search holding around 38.5% of the new company and Santos owning approximately 61.5%.

In addition to approval from Papua New Guinea courts, the deal is subject to regulatory and shareholder approval.

Santos share price snapshot

Since the proposed merger between Santos and Oil Search was announced, the Santos share price has gained around 14%.

It is also currently 7% higher than it was at the start of 2021.

The post Santos (ASX:STO) share price slips as Oil Search merger delayed again appeared first on The Motley Fool Australia.

More reading

• Why is the Oil Search (ASX:OSH) share price having such a great start to the week?
• 5 things to watch on the ASX 200 on Monday
• Santos (ASX:STO) slips amid CSIRO carbon capture partnership
• 5 things to watch on the ASX 200 on Friday
• Move over Twiggy, here’s why Santos’ (ASX:STO) boss is focused on blue hydrogen

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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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At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. The benchmark index is currently up 0.15% to 7,448.1 points.

Here’s what is happening on the ASX 200 today:

NAB shares hit 52-week high

The National Australia Bank Ltd (ASX: NAB) share price is back on form on Wednesday and stormed to a 52-week high this morning. This appears to have been driven by a broker note out of Goldman Sachs. According to the note, in response to NAB’s full year results, the broker has retained its conviction buy rating and lifted its price target on the bank’s shares to $31.15.

Suncorp banking update

The Suncorp Group Ltd (ASX: SUN) share price is pushing higher following the release of its banking update this morning. According to the release, Suncorp Bank’s home lending portfolio continued to build through the September quarter. During the three months, it increased $446 million or 1.0% (3.9% annualised). Management notes that momentum in home lending lodgements continued, with total lodgements 40% higher than the prior corresponding period and 18% higher than the June quarter.

CSL shares upgraded

The CSL Limited (ASX: CSL) share price is trading lower on Wednesday despite being upgraded this morning. According to a note out of Macquarie, its analysts have upgraded the biotherapeutics company’s shares to an outperform rating with a $338.00 price target. Its analysts believe CSL’s medium term outlook is positive and being underpinned by growing demand for immunoglobulins.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday has been the Kogan.com Ltd (ASX: KGN) share price with a gain of 4.5% on no news. The worst performer has been the Nearmap Ltd (ASX: NEA) share price with a 4% decline. This appears to have been driven by weakness in the tech sector today.

The post ASX 200 (ASX:XJO) midday update: NAB hits 52-week high, CSL upgraded appeared first on The Motley Fool Australia.

More reading

• NAB (ASX:NAB) share price hits 52-week high on bullish broker note
• Suncorp (ASX:SUN) share price higher on banking update
• Own CSL shares? Here’s what’s in the development pipeline
• Brokers rate these ASX growth shares as buys
• 2 ASX 200 shares that could be top buys for dividends

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. owns shares of and has recommended CSL Ltd., Kogan.com ltd, and Nearmap Ltd. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd and Nearmap Ltd. 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 FBR Ltd (ASX: FBR) share price is accelerating to an 8-month high today. This comes after the robotics company announced plans to bring its Hadrian X to the United Arab Emirates.

During late morning trade, FBR shares are travelling 8.33% higher to 5.2 cents.

What did FBR announce?

The FBR share price is surging after investors appear to be upbeat about the company’s future prospects.

In its announcement, FBR advised that it signed a Memorandum of Understanding (MoU) with the United Arab Emirates (UAE) Ministry of Energy & Infrastructure.

Under the framework, both parties will conduct a joint feasibility study of the Hadrian X in the UAE construction sector. Expected to take 12 months, the study will look at identifying opportunities for the adoption of FBR’s robotic construction technology.

The long-term plan for FBR is to establish its ‘Wall as a Service’ (WaaS) offering to facilitate the introduction of Hadrian X. The WaaS adopts modern building methods, smart support systems and other construction technologies in the housing and construction industry.

FBR noted that the UAE government is looking to invest $4.7 billion for 23,000 new residential units within five years. Despite COVID-19, the residential construction market is said to remain resilient in the UAE.

FBR managing director and CEO, Mike Pivac commented:

This MOU reiterates our commitment to the GCC region by establishing a framework for cooperation with the United Arab Emirates Ministry of Energy & Infrastructure.

The innovative thinking and appetite for new technology in the UAE presents an ideal environment for the introduction of our robotic technology to a new market, and the work that we’ve been doing to achieve acceptance of the Hadrian X and the Fastbrick Wall System in the UAE over the past three years is beginning to yield results.

With our Gulf representative embedded in the Dubai market since 2018, we have a firm intention to offering our solution to the region’s construction challenges.

Quick take on FBR

FBR is a robotic technology company that builds robotic arms to assemble structure walls. It is considered faster, safer, more accurate and with less wastage than traditional bricklaying methods.

Its flagship product, the Hadrian X is an automated bricklaying system that can lay an estimated 1,000 bricks per hour as opposed to an output of two human bricklayers for the whole day.

The Hadrian X provides a ‘wall as a service’ and can adapt quickly to builder demands.

FBR share price snapshot

Over the past 12 months, the FBR share price has provided shareholders with little gains, up 8% for the period. The company’s shares hit a low of 3.5 cents in October, before reaching a high of 6 cents last week.

FBR commands a market capitalisation of around $114.72 million and has 2.20 billion shares on its books.

The post Here’s why the FBR (ASX:FBR) share price is rocketing 8% on Wednesday appeared first on The Motley Fool Australia.

More reading

• Here’s why the FBR (ASX:FBR) share price is leaping 25% today

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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 ResMed Inc (ASX: RMD) share price is treading higher on Wednesday morning. This comes despite the medical device company not releasing any market-sensitive news today.

At the time of writing, ResMed shares are up 0.65% to $35.47 apiece. In comparison, the S&P/ASX 200 Index (ASX: XJO) is up just 0.17% to 7,446.8 points.

Why are ResMed shares rising today? 

With the company’s first-quarter results released late last month, investors are eyeing ResMed shares as they go ex-dividend today.

Typically, one day before the record date, the ex-dividend date, is when investors must have purchased shares. If the investor does not buy ResMed shares before this date, the dividend will go to the seller.

Historically, when a company reaches its ex-dividend day, its shares tend to fall in proportion to the dividend paid out. This is because investors tend to sell off the company’s shares after securing the dividend. However, it appears investors believe the ResMed share price is undervalued, sending it higher today.

What does this mean for ResMed shareholders?

For those eligible for ResMed’s first-quarter dividend, shareholders will receive a payment of 42 cents per share on 16 December. The dividend is not franked however, which means investors will miss out on the imputed tax credits.

The quarterly dividend reflects an increase of 8% when compared against the prior corresponding period (Q1 FY21).

Are ResMed shares a buy now?

Following the company’s scorecard for the new financial year, a number of brokers weighed in on ResMed shares.

Multinational investment bank Goldman Sachs raised its 12-month price target by 3% to $37.20 for the healthcare company. Macquarie soon followed, adding 1.3% to its outlook of $38 per share.

However, the most recent note came from Morgan Stanley, which lifted its price on ResMed shares by 3% to $37.30.

ResMed share price summary

Since the beginning of 2021, ResMed shares have gained 30% on the back of positive investor sentiment. The S&P/ASX 200 Health Care Index (ASX: XHJ) is up around 12% over the same timeframe.

Based on today’s price, ResMed commands a market capitalisation of roughly $65 billion, and has approximately 406 million shares outstanding.

The post ResMed (ASX:RMD) share price edges higher despite going ex-dividend appeared first on The Motley Fool Australia.

More reading

• These 6 ASX shares are going ex-dividend this week
• 10 top ASX shares to buy in November
• 3 outstanding ASX growth shares to buy now
• Top broker names 2 of the best ASX share ideas for November
• Why Advanced Human Imaging, ResMed, Western Areas, and Westpac are falling

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended ResMed Inc. 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 Minotaur Exploration Ltd (ASX: MEP) share price has been an exceptionally strong performer on Wednesday.

In morning trade, the mineral exploration company’s shares are up 46% to 19 cents.

Why is the Minotaur Exploration share price rocketing higher?

Investors have been bidding the Minotaur Exploration share price higher today after it revealed plans to merge with Andromeda Metals Ltd (ASX: ADN).

According to the release, the two parties have entered into a bid implementation agreement (BIA), pursuant to which Andromeda will acquire Minotaur by way of an off-market takeover offer.

Andromeda has offered 1.15 Andromeda shares for every Minotaur share. Based on a five-day volume weighted average Andromeda share price of 18.1 cents, this implies a value of $0.208 per share.

This represents a 59.8% premium to the Minotaur Exploration share price at yesterday’s close and values the company at $108 million.

Why merge?

The release explains that once fully implemented, Andromeda will consolidate 100% ownership of both the Great White Kaolin Project and the Natural Nanotech business via the acquisition of Minotaur’s current 25% and 50% respective joint venture interests.

Management believes this will deliver a simplified and streamlined ownership and will enable the design, funding mix and timetable for the development of the Great White Kaolin Project.

It will also enable enhanced development and commercialisation of any future intellectual property from Natural Nanotech. This includes any new technology created for halloysite applications and uses, such as battery technology, water purification, and carbon capture

The Minotaur Board of Directors and several of Minotaur’s largest shareholders intend to accept the offer. The Board also unanimously recommends that shareholders do the same. This is in the absence of a superior proposal.

Demerger

In addition, Minotaur revealed that it intends to demerge its existing copper and gold exploration assets through its subsidiary, Breakaway Resources.

This will be undertaken via a pro-rata in specie distribution of Breakaway shares to Minotaur shareholders.

Management notes that the demerger enables Minotaur shareholders to retain full exposure to the value and the potential upside of these assets and the benefit of Minotaur’s highly credentialled board and management team in a clearly focused exploration company which is intended to be listed on the ASX.

Despite today’s gain, the Minotaur Exploration share price is now actually only trading flat in 2021.

The post Why the Minotaur Exploration (ASX:MEP) share price is rocketing 46% higher appeared first on The Motley Fool Australia.

More reading

• The Andromeda (ASX:ADN) share price is sliding 10% today. Here’s why

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 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 Sydney Airport (ASX: SYD) share price is in the green this morning amid reports of potential challenges facing the airport’s now-approved takeover bid.

Numerous bodies will be closely dissecting the Sydney Aviation Alliance’s proposed acquisition. Particularly as one of the alliance’s leaders already owns significant stakes in both Melbourne Airport and Brisbane Airport.

Under the Airports Act, there is a 15% limit on cross-ownership between Sydney Airport and Melbourne, Brisbane, and Perth’s airports.

At the time of writing, the Sydney Airport share price is $8.43, 0.3% higher than its previous close. It’s also 3.7% lower than the consortium’s $8.75 per share takeover bid.

Let’s take a closer look at what has Sydney Airport in the headlines today.

Sydney Airport takeover skirmish

The Sydney Airport share price could be in for a rollercoaster as the Australian Competition and Consumer Commission (ACCC) looks over the airport’s proposed takeover.

The Sydney Aviation Alliance ­– led by pension fund-owned IFM Investors and made up of numerous other super funds – will need to gain merger clearance from the European Union prior to its planned takeover.

But, potentially more worrying, the ACCC and the Australian Foreign Investment Review Board will also get a say as to whether it will go ahead.

The ACCC has already begun a review into the takeover. It’s particularly interested in the effect it might have on competition among airlines.

The watchdog recently put the spotlight on competition at Sydney Airport. It warned it and other airports not to increase prices charged to airlines. The ACCC said that doing so would be “systematically taking advantage of their market power”.

However, it might be that pesky 15% cross-ownership rule that really puts the brakes on the takeover.

An ACCC market inquiry gave a vague breakdown of how ownership of the consortium is expected to be split post-acquisition.

IFM already owns a 25% stake in Melbourne Airport and 20% of Brisbane Airport. If all bodies approve the takeover, IFM will also indirectly own at least 15% of Sydney Airport.

The watchdog has outlined that 2 IFM-controlled entities will each own between 7.5% and 18% of the consortium. According to reporting by The Age, IFM hopes that by splitting its ownership between 2 of its entities, it might skirt the Airport Act’s cross-ownership rules.

AustralianSuper, QSuper, and UniSuper will also hold between 7.5% and 18% each. Global Infrastructure Partners is set to control more than 20% of the consortium.

If IFM’s strategy isn’t successful, it could be disastrous for Sydney Airport’s takeover.

Sydney Airport share price snapshot

The Sydney Airport share price has gained 2.4% since Friday’s close. Friday was its final session before the airport’s board approved the takeover.

Right now, it’s also 31% higher than it was at the start of 2021.

The post Sydney Airport (ASX:SYD) share price shrugs off possible takeover hurdles appeared first on The Motley Fool Australia.

More reading

• These 3 ASX 200 shares are topping the volume charts this Tuesday
• Here’s why travel shares led the ASX 200 on Monday
• Here are the 3 most heavily traded ASX 200 shares on Monday
• Why API, Evolution, Flight Centre, and Sydney Airport shares are pushing higher
• Sydney Airport (ASX:SYD) share price lifts off following takeover news

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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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Shares in Australian biotechnology company Immutep Ltd (ASX: IMM) are tanking on Wednesday morning, down 20% to 56 cents.

Immutep shares are on the move this morning after the company announced data from a Phase IIb trial on its lead drug candidate, etfi.

The trial success marks another step forward for the company whose novel cancer treatment hypothesis is beginning to gain steam.

Here are the details.

What did Immutep announce?

Immutep announced readouts from its AIPAC Phase IIb trial. The study was investigating Immutep’s etfi drug candidate as a combination therapy with paclitaxel chemotherapy.

The trial examined this combination treatment in patients with HER2-negative/HR positive metastatic breast cancer.

For reference, around 74% of all breast cancers are categorised in this group. It is not considered the most aggressive form of the condition.

From the trial results, the data for overall survival showed a positive trend in the population group. For instance, the cohort showed a “median survival benefit” of 2.9 months from the treatment combination versus placebo.

The positive results were identified in three distinct subgroups: those younger than 65 years old, those with low monocyte count, and those with Luminal B breast cancer.

Even in patients with the more aggressive Luminal B sub-type, there was a median overall survival benefit of 16.8 months.

Overall, the data reflects an increase in the length of survival ranging from 33% to 150% in these groups who received the treatment compared to placebo.

The efti compound was also shown to increase the abundance CD8 T cells. These are an important immune defence mechanism that have been “significantly correlated with improved overall survival”.

Importantly, aside from demonstrating its effectiveness, etfi was also shown to be safe and well tolerated. The company says no new safety or adverse events were identified from the trial.

Overall, the results support the development of a Phase III trial for efti in combination with paclitaxel chemotherapy in metastatic breast cancer, according to Immutep.

What’s next for Immutep?

The company is now preparing to establish a Phase III trial to further its investigation of this combination therapy in metastatic breast cancer.

A Phase III trial is typically the final phase that a candidate drug must undergo before being commercialised, with a few exceptions.

It is generally a much larger study population conducted across a number of countries to ensure an appropriate diversity in participants.

As such, Immutep is in ongoing talks with regulatory bodies in multiple countries where the trial is intended to take place.

Commenting on the results, Immutep CEO Mark Voigt said:

These very pleasing final results give us additional confidence that efti can ultimately deliver a meaningful clinical improvement for diverse sets of cancer patients. The results from our AIPAC trial are especially pleasing because metastatic breast cancer patients in the chemotherapy setting are a difficult to treat and large patient population where immunotherapies often fail to provide an additional benefit. These supportive results are also timely as we solidify the trial design for our planned Phase III study in metastatic breast cancer, subject to regulatory body interactions.

Curiously, the market has reacted poorly to Immutep’s trial results today despite the positive data. The Immutep share price is now trading at 56 cents, well down from 70 cents at the close yesterday.

Yet, in spite of this morning’s punishment, the Immutep share price has climbed over 114% in the last 12 months. This result comes on the back of a 42% gain since January 1.

The post Immutep (ASX:IMM) share price slides 20% despite latest trial results appeared first on The Motley Fool Australia.

More reading

• Here’s why the Immutep (ASX:IMM) share price is rising on Tuesday
• Immutep (ASX:IMM) share price hikes amid clinical trial momentum in FY21

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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 National Australia Bank Ltd (ASX: NAB) share price is rebounding on Wednesday.

In fact, in morning trade, the banking giant’s shares have risen 3% to a 52-week high of $29.73.

Why is the NAB share price rising?

Today’s gain appears to have been driven by a positive reaction to NAB’s full year results from a number of brokers.

One of those is Goldman Sachs. This morning the broker retained its conviction buy rating and lifted its price target on the bank’s shares to $31.15.

Based on the current NAB share price, this implies potential upside of approximately 5%.

And if you include the broker’s upgraded forecast for a 143 cents per share fully franked dividend in FY 2022, the total potential return stretches to almost 10%.

What did the broker say?

Goldman notes that NAB’s performance in FY 2021 was a touch softer than it was expecting due to its Markets and Treasury segments.

It commented: “NAB reported 2H21 cash earnings growth of 61% on pcp to A$3,215mn, 1% below GSe, driven by lower-than-expected revenues (Markets and Treasury) and higher operating expenses, partially offset by outperformance on BDDs.”

However, it remains positive on the NAB share price. This is due to the progress of its cost management initiatives and its leadership position in business banking.

Goldman explained: “We reiterate our Buy (on CL) on NAB and it remains our preferred sector exposure given: i) NAB’s cost management initiatives, which seem further progressed relative to peers, have freed up investment spend to be more directed towards customer experience (50% in FY22 from 39% in FY21) as opposed to infrastructure; ii) given NAB’s position as the largest business bank, we believe it will benefit more from the continued economic recovery (management is seeing all segments in its Business & Private Bank exhibiting solid growth without sacrificing margin, and asset quality remains pristine); iii) good balance sheet momentum with NAB expecting at or above system growth across all divisions; and iv) our TP offers c. 13% TSR potential [at the time time].”

The post NAB (ASX:NAB) share price hits 52-week high on bullish broker note appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Wednesday
• Why Actinogen, AVITA, Inghams, and NAB shares are falling
• The NAB (ASX:NAB) dividend doubled in FY21: Here’s what you need to know
• ASX 200 (ASX:XJO) midday update: NAB result disappoints, PointsBet surges
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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 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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