Why Accent (ASX: AX1) shares are skyrocketing 12% today

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NS Accent Group Co., Ltd. (ASX: AX1) Wednesday’s stock price has stepped firmly into the green.

Accent shares are currently being exchanged for $ 2.31 per share. This is a 12.44% profit from the open.

Let’s find out what drives Accent’s stock price today.

How is Accent’s stock price today?

There is no market sensitive information released by the company today. However, Accent stocks have been in the red over the past few weeks, disappointing investors.

Therefore, today’s rise welcomes the reversal of downward pressure faced by Accent shareholders since the record high of $ 2.80 on August 10.

One factor that can help why Accent’s stock is soaring today is analyst notes from major brokers. Morgan Stanley..

Brokers have previously raised their price target by 8.3% to $ 2.60 per share and upgraded their recommendations from equivalent weights to overweights.

Analysts at Morgan Stanley said, “Given that these stores are mostly signed, we expect to exceed the 2010 store target of at least 65 accents,” said shareholders. I am confident that we can unleash the value.

The broker further states that “Accent has a track record of defeating the target,” which could be positively evaluated.

We also consider Accent stocks to be a buy, given the projected strengths in the broader activewear / lifestyle sector, which have the potential to drive significant growth over the next few years.

What do other brokers say?

Several other brokers have also upgraded their stock recommendations for Accent in the past few weeks, especially after the company’s 2009 earnings report last month.

With recent changes in mind, brokers City We upgraded to a neutral rating for Accent shares, but lowered our allotted price target to $ 2.14. City a month ago There was a sale recommendation To investors in company stock.

Australian broker Bellpotter Securities There is also a purchase evaluation Accent’s $ 2.90 price target for the stock price states that “the strong underlying fundamentals of the business remain strong and attractive.”

The sum of these analysts’ stock reports seems to be influencing today’s Accent stock prices, especially notes from today’s Morgan Stanley stock research team.

Accent stock price snapshot

Accent’s stock price has been struggling since the beginning of the year and has been in the red by about 0.5% since January 1. Last month alone, Accent’s share price fell another 13.5%.

Nevertheless, Accent’s share has risen 51% in the last 12 months and, thanks to today’s results, rose 4% last week.This is before S & P / ASX200 Index (ASX: XJO) Approximately 25% return over the past year.

Why Accent (ASX: AX1) shares are skyrocketing 12% today

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