In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has fought back from a soft start and is pushing higher. At the time of writing, the benchmark index is up 0.2% to 8,225.8 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are storming higher:
DroneShield Ltd (ASX: DRO)
The DroneShield share price is up over 2% to 94.5 cents. This appears to have been driven by a broker note out of Shaw and Partners. According to the note, the broker has retained its high risk buy rating on the counterdrone technology company's shares with a trimmed price target of $1.20. Although it was a touch disappointed with DroneShield's quarterly update, it has seen enough to remain positive. The broker highlights that the company has a robust sales pipeline and significant inventory position. The latter leaves DroneShield well-placed to handle big orders at short notice.
Newmont Corporation (ASX: NEM)
The Newmont Corporation share price is up 3% to $72.95. This gold miner's shares were sold off last week following the release of its quarterly update. Macquarie highlights that management's guidance is what spooked the market, with its quarterly performance largely in line with expectations. While somewhat disappointed with its guidance, it believes the selling has created a buying opportunity for investors. Macquarie has retained its outperform rating with a reduced price target of $80.00.
ResMed Inc. (ASX: RMD)
The ResMed share price is up 3% to $38.88. This also appears to have been driven partly by a broker note out of Macquarie. This morning, the broker has retained its outperform rating on the sleep disorder treatment company's shares with an improved price target of $41.10. Macquarie highlights that ResMed delivered a quarterly profit ahead of expectations last week. In addition, it was pleased with the company's operating leverage and free cash flow generation, and has lifted its earnings estimates and valuation to reflect this.
Vulcan Energy Resources Ltd (ASX: VUL)
The Vulcan Energy share price is up 7% to $4.90. This morning, this lithium developer revealed that ratings agency S&P Global Ratings has awarded it a Dark Green sustainability rating. This is the highest ever received by a metals and mining company globally. Vulcan was also awarded a Dark Green rating across the Green Enabling Project and Renewable Energy categories. Vulcan's CFO, Felicity Gooding, commented: "A world-first Dark Green global rating by S&P for a resources company has reaffirmed Vulcan's sustainability credentials, coming at an important time in Phase One Project financing."
The post Why DroneShield, Newmont, ResMed, and Vulcan Energy shares are storming higher appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in ResMed. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended DroneShield, Macquarie Group, and ResMed. The Motley Fool Australia has positions in and has recommended Macquarie Group and ResMed. 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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