The S&P/ASX 200 Index (ASX: XJO) is bouncing back strongly from yesterday’s heavy decline. In afternoon trade, the benchmark index is up 0.9% to 6,994.3 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are charging higher:
Afterpay Ltd (ASX: APT)
The Afterpay share price is up 6% to $91.43. This gain appears to have been driven by a bullish broker note out of Macquarie this morning. According to the note, the broker has upgraded its shares to an outperform rating with a $120.00 price target. Macquarie made the move largely on valuation grounds after a sharp pullback. It also notes that the company is well-positioned in the US market due to its wide reach. It expects this to offset a lack of BNPL brand loyalty with consumers.
EML Payments Ltd (ASX: EML)
The EML Payments share price has rebounded 7% to $3.00. Bargain hunters appear to have been buying this payments company’s shares following a massive ~45% decline on Wednesday. One broker that sees value in its shares at the current level is Macquarie. After adjusting its valuation to remove the embattled European business until its regulatory matter is resolved, the broker has a price target of $4.00 on its shares.
Qantas Airways Limited (ASX: QAN)
The Qantas share price is up 4% to $4.70. Investors have been buying the airline operator’s shares following the release of a positive market update this morning. That update reveals that Qantas is expecting to be statutory free cash flow positive for the second half of FY 2021. This follows a sustained rebound in domestic travel demand and the strong performance of its Freight and Loyalty divisions.
Sezzle Inc (ASX: SZL)
The Sezzle share price is up over 3.5% to $7.59. This follows the announcement of a new product launch this morning by the BNPL provider. Sezzle has launched its long-term financing options with Ally Lending. This will allow for monthly fixed-rate instalment-loan products that extend up to 60 months in length and US$40,000 per instalment plan.
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More reading
- Why Flight Centre (ASX:FLT) and Webjet (ASX:WEB) shares are being hammered today
- ASX 200 up 0.95%: Qantas update, Nufarm’s profits surge
- Brokers name 3 ASX shares to buy now
- Sezzle (ASX:SZL) share price pushes higher following update
- Qantas (ASX:QAN) share price takes off following market update
The post Why Afterpay, EML Payments, Qantas, & Sezzle are charging higher appeared first on The Motley Fool Australia.
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