Here's why A2 Milk shares soared in FY24. Will it happen...

Here's why A2 Milk shares soared in FY24. Will it happen again?It turned out to be a stellar year for the milk company's shareholders.Zach Bristow❯Published July 12, 10:32 am AESTA2MFree Passive Income ReportImage source: Getty ImagesYou’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn MoreA2 Milk Company Ltd (ASX: A2M) shares ended up having a stellar finish to the year in FY24. In total, shares in the specialty milk company rose 38%, starting the year at $4.89 and closing the period at $6.77 apiece.Most of this was achieved in the second half, as seen in the chart below.Leading into the New Year, the stock was trading at $4.26 before exploding to 52-week highs of $7.33 on 28 May.With A2 Milk shares up more than 2.5% in the past week, the question is, will FY25 be a similar affair?Zoom1M3M6MYTD1Y5Y10YALLA2 Milk PriceZoom1M3M6MYTD1Y5Y10YALL30 Jun 2023→12 Jul 2024Jul '23Sep '23Nov '23Jan '24Mar '24May '24Jul '24Aug '23Oct '23Dec '23Feb '24Apr '24Jun '24Jul '23Jul '23Jan '24Jan '24Jul …Jul …Sep '23Sep '23Nov '23Nov '23Mar '24Mar '24May '24May '240-50-252550www.********.auDrivers of A2 Milk sharesThere was a buying thrust in A2 Milk shares after the company's H1 FY24 earnings report in February. In it, A2 Milk reported a 3.7% increase in revenue to NZ$812.1 million. This growth was underscored by A2 Milk's continued expansion in its China and Other Asia markets, with sales up 16.5% in those regions. Sales of infant milk formula (IMF) in China were up 10.4% alone. Meanwhile, its Australia and New Zealand business saw a 24.1% decrease compared to H1 FY23.Net profit after tax (NPAT) was also up 15.6% year over year and management forecasts "low to mid-single-digit" revenue growth for FY24, according to my colleague James. In May it voted in favour of a $130 million loan to Synlait Milk Ltd (ASX: SM1), in which it holds a nearly 20% stake.According to my colleague Bernd, the loan, provided by Bright Dairy, aims to support Synlait's recapitalisation plan. Bright owns around 40% of Synlait Milk.What are brokers saying for FY25?Brokers have a mixed yet generally optimistic outlook on A2 Milk shares. In an April note, Bell Potter rated the company a hold with a $5.70 price target on its stock. It said that while the company's transition has been executed well, its shares could be fully valued.Despite its recent Growth in China, Bell Potter is weary, saying imports are "at historically low levels and has been since Jun 2023".On the other hand, Ord Minnett rated A2 Milk a buy in a February note. It has a $7.40 price target for the share, implying a 7.5% potential upside from the current price.Analysts at Citi are also bullish on the stock and reaffirmed the firm's buy rating in June. It values the company at $7.85 per share.Meanwhile, consensus rate A2 Milk shares a hold according to CommSec. The split is three buys, five holds and one sell. Foolish takeoutAs we walk through FY25, A2 Milk shares continue to push higher. They are up more than 1.5% since trading began in the new financial year, and up 36% in the past twelve months. As always, remember to conduct your own due diligence

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