Qantas Airways Limited (ASX:QAN) and Westpac Banking Corp (ASX:WBC) are two of four storming higher on Monday. Here’s why…
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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the week on a very positive note. At the time of writing the benchmark index is up 2.25% to 5,921.1 points.
Four shares that are climbing more than most today are listed below. Here’s why they are storming higher:
The Costa Group Holdings Ltd (ASX: CGC) share price is up 3% to $3.46. This morning analysts at UBS retained their buy rating and $3.55 price target on this horticulture company’s shares. The broker is becoming increasingly confident in the company’s earnings outlook thanks to solid demand in the grocery channel. The broker also feels Costa’s shares are trading on undemanding multiples.
The Qantas Airways Limited (ASX: QAN) share price has charged 4.5% higher to $4.29. The catalyst for this has been a broker note out of Goldman Sachs. This morning the broker upgraded the airline operator’s shares to a buy rating with a massively improved price target of $5.28. It made the move due to its belief that the domestic travel market will recovery quicker and stronger than it previously expected.
The Santos Ltd (ASX: STO) share price has risen over 4% to $4.86. Investors have been buying Santos and other energy shares after oil prices recovered in Asian trade following a sharp decline on Friday evening. The S&P/ASX 200 Energy index is up a sizeable 4.7% at the time of writing.
The Westpac Banking Corp (ASX: WBC) share price has stormed over 4% higher to $17.29. Investors have been taking advantage of a pullback in bank shares on Friday to make an investment this morning. This appears to have been driven by news that President Trump is recovering well from COVID-19. It isn’t just Westpac pushing higher, all the big four banks are rising by at least 3% on Monday.
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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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