Why Downer, DroneShield, Qantas, and TPG shares are roaring higher today

The S&P/ASX 200 Index (ASX: XJO) is back on form and pushing higher on Friday. At the time of writing, the benchmark index is up 0.3% to 8,070.7 points.

Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:

Downer EDI Ltd (ASX: DOW)

The Downer share price is up 18% to $5.65. This follows the release of a better than expected full year result from the integrated services provider. For FY 2024, Downer reported a 5.5% increase in revenue to $11,743.4 million and a 24.5% lift in underlying net profit after tax to $193.9 million. Goldman Sachs notes that its "underlying NPAT of A$194m was +4/+4% vs GSe/VAc." This was driven by top line growth from the Transport and Utilities segments and solid margin expansion.

DroneShield Ltd (ASX: DRO)

The DroneShield share price is up a further 11% to $1.37. Yesterday, analysts at Bell Potter reaffirmed their buy rating on this counter drone technology company's shares with an improved price target of $1.35. The broker said: "We remain confident the company will deliver a significantly improved 2H performance based on 1) the significant level of inventory on hand to facilitate rapid fulfilment, 2) the historical seasonality of the business with >80% of CY23 revenue recorded in the 2H and 3) numerous near-term sales opportunities, including recently announced military aid packages."

Qantas Airways Limited (ASX: QAN)

The Qantas share price is up 5% to $6.68. This morning, analysts at Goldman Sachs responded positively to the airline operator's full year results release from yesterday. The broker has reiterated its conviction buy rating and $8.05 price target on its shares. This implies potential upside of 20% from current levels. Goldman said: "An inline result and generally consistent/better than expected outlook commentary further suggest that earnings have been sustainably reset higher. This is reinforced by a 2H improvement in key operating metrics that precludes the need for a substantial uplift in customer investment."

TPG Telecom Ltd (ASX: TPG)

The TPG Telecom share price is up 6% to $4.87. Investors have been buying this telco giant's shares following the release of its half year results. TPG reported a 1.7% increase in service revenue to $2,327 million and a 3.5% lift in EBITDA to $974 million. And while its net profit after tax was down 39.6% to $29 million, this was due partly to higher depreciation and amortisation. Looking ahead, management believes it is tracking towards the mid-point of its current EBITDA guidance range of $1,950 million to $2,025 million.

The post Why Downer, DroneShield, Qantas, and TPG shares are roaring higher today appeared first on The Motley Fool Australia.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended DroneShield and Goldman Sachs Group. The Motley Fool Australia has no position in any of the stocks mentioned. 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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