Costa Group Holdings Ltd (ASX:CGC) and these ASX shares have just raced to 52-week highs or better this week. Here’s why…
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Although the Australian share market has been out of form over the last few trading days, that hasn’t stopped a number of shares from charging higher.
Three ASX shares that have climbed so much they just hit 52-week highs or better are listed below. Here’s why they are flying high right now:
Costa Group Holdings Ltd (ASX: CGC)
The Costa share price jumped to a 52-week high of $4.55 yesterday. Investors were buying the horticulture company’s shares after the release of its full year results. Thanks to strong demand and favourable pricing, Costa reported an 11.2% increase in revenue to $1,164 million and an impressive 108.4% jump in net profit to $59.4 million. This was well ahead of expectations. For example, Morgans was forecasting a profit of $52.2 million for the 12 months, whereas the market consensus was for a profit of $48.1 million.
Lovisa Holdings Ltd (ASX: LOV)
The Lovisa share price stormed to a record high of $15.43 on Monday. Investors have been fighting to get hold of the fashion jewellery retailer’s shares since the release of its half year results last week. Although Lovisa reported a sizeable decline in sales and profits, it noted a significant improvement in its performance. It also revealed that it has started the second half strongly, with like for like sales growing 12% during the first seven weeks of the half. Looking ahead, management appears very positive on its global expansion. As are analysts at Morgans. Partly for this reason, the broker reaffirmed its add rating and lifted its price target significantly to $17.95.
Pro Medicus Limited (ASX: PME)
The Pro Medicus share price rose to a new record high of $48.24 yesterday. A series of major contract wins has helped drive this health imaging company’s shares higher in recent months. In addition to this, last week analysts at Goldman Sachs upgraded Pro Medicus’ shares to a buy rating with a $53.80 price target. Goldman has been impressed with the way the company continues to win large contracts in a difficult operating environment. It believes this leaves it well-positioned to grow its earnings at a rapid rate over the coming years.
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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 and recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO. The Motley Fool Australia has recommended Pro Medicus 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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