What propelled surge in share price of these stocks on Friday?

June 14, 2024 05:02 PM AEST | By Team Kalkine Media

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What propelled surge in share price of these stocks on Friday? — Image source: Shutterstock.com

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Despite the overall decline in the S&P/ASX 200 Index, some ASX shares defied the trend and marked gains on Friday. Here are two companies that saw positive movements:

Life360 Inc (ASX: 360)

The Life360 share price gained around 5% and closed at AU$15.070 on Friday. The surge followed a robust performance in the US market, where the company's Nasdaq-listed shares experienced a significant uptick of 6%. While Life360 had a somewhat tepid start on Wall Street, its recent momentum suggests a potential upward trajectory. Analysts at Bell Potter recently issued a buy rating and set a price target of AU$17.00 for Life360's shares, indicating a 13% upside from current levels.

Paladin Energy Ltd (ASX: PDN)

Paladin Energy's share price climbed around 0.3% to AU$14.150, driven by a positive broker note from Citi. Despite recent weakness in uranium prices, Citi believes that this presents an attractive buying opportunity for investors. The brokerage firm has reiterated its buy rating on Paladin Energy's shares and maintained a price target of AU$17.00. This forecast implies a potential increase of approximately 19% over the next 12 months, signaling optimism about the company's future prospects.

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