Redbubble Ltd (ASX:RBL) and Saracen Mineral Holdings Limited (ASX:SAR) shares are two of four pushing notably higher on Friday…
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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. At the time of writing the benchmark index is down 0.2% to 5,870.7 points.
Four shares that have not let that hold them back today are listed below. Here’s why they are pushing higher:
The Mineral Resources Limited (ASX: MIN) share price is up 1% to $25.20. Investors have been buying the mining and mining services company’s shares after a sharp pullback on Thursday. A decline in the iron ore price and a broker downgrade were weighing on the company’s shares. So much so, the Mineral Resources share price fell a sizeable 9% yesterday. Some investors may believe its shares were oversold.
The Redbubble Ltd (ASX: RBL) share price is up over 4% to $4.41. This appears to have been driven by a broker note out of Goldman Sachs. Its analysts have put a buy rating and $5.30 price target on the ecommerce company’s shares. It believes Redbubble is well-positioned for growth thanks to structural tailwinds. The broker even suggested Redbubble’s shares could be worth as much as $10.75 if its growth accelerates.
The Saracen Mineral Holdings Limited (ASX: SAR) share price is up over 2.5% to $5.34. A number of gold miners are pushing higher today despite a pullback in the gold price overnight. At the time of writing, the S&P/ASX All Ordinaries Gold index is up 0.6%.
The Temple & Webster Group Ltd (ASX: TPW) share price is up almost 3% to $10.31. This also appears to have been driven by a broker note out of Goldman Sachs. As with Redbubble, the broker believes this online furniture and homewares retailer is well-positioned for growth over the coming years. As a result, it has put a buy rating and $11.50 price target on the company’s shares.
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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 Temple & Webster Group Ltd. The Motley Fool Australia has recommended Temple & Webster Group Ltd. 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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