Humm Group Ltd (ASX:HUM) and Treasury Wine Estates Ltd (ASX:TWE) are two of four ASX shares storming notably higher today…
The post Why Humm, Moelis, Orica, & Treasury Wine shares are storming higher appeared first on The Motley Fool Australia. –
In early afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to finish the week on a positive note. At the time of writing, the benchmark index is up 0.85% to 7,041.9 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are storming higher:
Humm Group Ltd (ASX: HUM)
The Humm share price has jumped 8% to 93.5 cents. This gain appears to have been driven by a broker note out of UBS this morning. In response to a solid third quarter update, the broker has retained its buy rating and $1.60 price target on the company’s shares. UBS is notoriously bearish on a number of buy now pay later providers due to valuation concerns. However, for Humm, it believes the market is undervaluing its growth potential.
Moelis Australia Ltd (ASX: MOE)
The Moelis share price is up 3.5% to $5.55. This follows the release of the fund manager’s operational update this morning. According to the release, during the first four months FY 2021, the company has received strong net fund inflows of $340 million and grown its assets under management by 7% to $5.8 billion. It also reiterated its expectation that FY 2021 underlying earnings per share will increase between 10% and 20% year on year.
Orica Ltd (ASX: ORI)
The Orica share price is up 3% to $13.73. This morning analysts at CIti upgraded the chemicals and commercial explosive company’s shares to a buy rating with an improved price target of $15.40. This follows the release of its half year results on Thursday. Citi believes ammonium nitrate volumes have now reached a cyclical low.
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine share price has risen a further 5% to $10.73. Investors have been buying the wine company’s shares since the release of its investor update on Thursday. This morning analysts at Goldman Sachs retained their neutral rating but lifted their price target by a sizeable 14% to $10.60. The broker notes that the Americas region is well positioned for a recovery in FY 2022. However, it points out that reallocation risk remains after being shut out of China.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Treasury Wine Estates Limited. The Motley Fool Australia has recommended Humm Group Limited. 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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