In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another gain. At the time of writing, the benchmark index is up 0.35% to 8,476.2 points.

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

DroneShield Ltd (ASX: DRO)

The DroneShield share price is up 4% to 66.5 cents. This morning, analysts at Bell Potter retained their buy rating on this counter drone technology company's shares with a trimmed price target of $1.10. The broker said: "Whilst DroneShield's performance over the last 12-months did not meet expectations, the near-term outlook is considerably more positive. The value of contracts received YTD (~$47.8m) is evidence of increased levels of customer activity and DRO is well placed to meet this demand having materially increased the scale of its operations and heavily invested in its inventory levels. We retain our BUY recommendation."

Karoon Energy Ltd (ASX: KAR)

The Karoon Energy share price is up 6% to $1.51. This morning, the energy producer released its quarterly update and revealed a 3% decline in fourth quarter production on a net revenue interest (NRI) basis to 2.59 MMboe. However, fourth quarter sales volumes were 53% higher at 3.14 MMboe due to the timing of Bauna liftings. This resulted in sales revenue of US$222.2 million for the period. In a separate announcement, Karoon Energy revealed plans to undertake a further US$75 million on-market share buyback over the course of the 2025 calendar year.

Mach7 Technologies Ltd (ASX: M7T)

The Mach7 share price is up almost 12% to 38 cents. This follows news that the medical imaging technology provider is launching a $5 million on-market share buyback. The company revealed that its board considers the buy-back to be an efficient use of capital given the strength of its balance sheet and strong cash inflows to date. It also notes that it is "part of the Company's ongoing capital management strategy and highlights the Board's confidence in Mach7's future growth prospects."

Treasury Wine Estates Ltd (ASX: TWE)

The Treasury Wine share price is up 2.5% to $10.73. This may have been driven by broker notes out of Morgan Stanley and UBS this morning. In response to strong Australian wine export data, the brokers have reaffirmed their buy ratings. Morgan Stanley has an overweight rating and $14.60 price target, whereas UBS has a buy rating and $14.00 price target. Both price targets imply potential upside of at least 30% for investors over the next 12 months.