In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down 0.2% to 7,341.3 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are rising:
Afterpay Ltd (ASX: APT)
The Afterpay share price is up 5.5% to $87.66. This follows a strong rise in the Square share price overnight during a very positive session on Wall Street. In addition, a rebound in the Bitcoin price appears to have given Square a lift. It has meaningful exposure to the cryptocurrency. Afterpay shareholders voted in favour of Square’s all-scrip takeover offer last week.
Lovisa Holdings Ltd (ASX: LOV)
The Lovisa share price is up 4% to $19.67. Investors have been buying this fast fashion jewellery retailer’s shares after UBS initiated coverage on it with a buy rating and $21.25 price target. UBS believes there are plenty of reasons to be positive on Lovisa. These include reopening tailwinds and margin expansion due to operating leverage.
Liontown Resources Limited (ASX: LTR)
The Liontown share price is up 3% to $1.53. This follows the release of a bullish broker note out of Macquarie Group Ltd (ASX: MQG). According to the note, the broker has retained its outperform rating and boosted its price target on the lithium developer’s shares by 10% to $2.20.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price has jumped 7% to $2.69. This appears to have also been driven by the note out of Macquarie this morning. Its analysts suspect that lithium prices could remain at sky high levels for the next four years. As a result, they have upgraded their earnings forecasts, retained their outperform rating, and lifted their price target on Pilbara Minerals’ shares to $3.70.
The post Why Afterpay, Lovisa, Liontown, and Pilbara Minerals shares are racing higher appeared first on The Motley Fool Australia.
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More reading
- Here’s why the Pilbara Minerals (ASX:PLS) share price is bouncing back 8% today
- ASX 200 (ASX:XJO) midday update: Rio Tinto’s lithium acquisition, Pilbara Minerals jumps
- These 5 ASX shares grew revenue by more than 70% in the last year
- Is it a buy? Why UBS is bullish on the Lovisa (ASX:LOV) share price
- Macquarie names the best ASX lithium shares to buy in 2022
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. owns and has recommended AFTERPAY T FPO. The Motley Fool Australia owns and has recommended AFTERPAY T FPO. The Motley Fool Australia has recommended Lovisa Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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