The Codan Limited (ASX: CDA) share price is certainly having a strong finish to the week.
In afternoon trade the metal detector and communication equipment manufacturer's shares are up 6% to $2.26.
Why are they higher?
With no news out of the company, today's gain is likely to be attributable to a research note out of Moelis & Co. this morning.
According to the note, its analysts have upgraded Codan's shares to a buy rating with a $2.50 price target following recent declines.
Prior to today, Codan's shares were down approximately 11% since the start of June. This was likely to be the result of profit taking after strong gains this year.
Codan's shares have been on a tear in the last 12 months thanks to a turnaround in its performance.
Last month the company provided the market with a business update which revealed that for the first 10 months of FY 2017, sales were up 33% on the prior corresponding period to $191 million.
