Canaccord Genuity came out with a bold $15.00 price target for the Vulcan Energy Resources Ltd (ASX: VUL) share price on Tuesday. 

Vulcan shares have surged some 3,000% from a mere 20 cents to $7.20 in the past 12-months. However, this new speculative target price suggests another near-100% upside. 

Why the Vulcan share price could go higher 

Canaccord views Vulcan’s Zero Carbon Lithium project as an “untapped lithium resource class which will be needed to meet expected lithium demand over the long term”. 

The project takes an innovative approach by extracting hot brines to generate renewable, geothermal power. It then uses direct lithium extraction (DLE) to produce battery quality lithium hydroxide.

The broker has also observed that Vulcan’s project possesses the largest lithium resource in Europe with more than 100 years in resource at nameplate capacity. Additionally, the note has called the DLE technology a “potential game-changer in the lithium world”. While DLE technology isn’t something new, it isn’t widely deployed in the industry either. 

Canaccord highlights a number of benefits of leverage DLE technology. This includes the commercialisation of lower-grade deposits, a reduced environmental footprint, improved product quality, and lower costs. 

Latest announcement details

On Monday, Vulcan announced that its German pilot plant for DLE is now operational. Vulcan managing director, Dr. Francis Wedin commented: 

Getting our Pilot Plant up and running on live geothermal brine is a significant milestone for Vulcan. This has already started producing crucial data needed for de-risking the lithium extraction process.

Vulcan is able to differentiate itself from traditional lithium hard rock and brine producers such as Galaxy Resources Ltd (ASX: GXY) and Orocobre Ltd (ASX: ORE). The main difference is that Vulcan produces clean lithium with no CO2 emissions. Canaccord believes that this will translate to a price premium for Vulcan’s product. This could also play favourably into proposed policies in the EU to impose tariffs on high CO2 products. 

Finally, the broker sheds light on the rapidly developing European lithium market, which has over 700GWh of battery manufacturing capacity. This will be built by 2030. The broker calculates that European original equipment manufacturers (OEMs) need to lift electric vehicle penetration rates to 19% in 2021. This will also need to increase to 40% in 2025 and 67% by 2030 to meet emission standards and avoid significant fines. Furthermore, these targets place Vulcan in a favourable position, especially with its planned zero-carbon lithium production. 

While Vulcan is still in its early days, Canaccord is bullish on its shares with a $15.00 target price. The Vulcan share price is climbing higher today, up 6.16% to $7.41 at the time of writing.

More reading

• Why Ampol, Netwealth, Orocobre, & Race Oncology shares are storming higher
• Top brokers name 3 ASX shares to sell today
• Strike Energy (ASX:STX) goes into trading halt for $80m cap raise
• ASX 200 rises above 7,000, Resolute Mining soars, Galaxy jumps
• Could the Galaxy (ASX:GXY) share price be next to raise capital after Zip (ASX:Z1P)?

Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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Today is pay day for Rio Tinto Limited (ASX: RIO) shareholders.

This morning the mining giant paid its $5.17 per share fully franked dividend to eligible shareholders.

While many investors will use these funds as a source of income, others may want to invest it back into the share market.

If you’re in the latter group, then you might want to consider buying the ASX shares listed below. Here’s why they are highly rated:

Coles Group Ltd (ASX: COL)

If you’re looking for more dividends, then you might want to take a look at this supermarket operator.

Coles has been a consistently strong performer since its demerger from Wesfarmers Ltd (ASX: WES). This has been driven by its strong market position, increasing penetration of own brand products, and its defensive qualities. The latter was on display for all to see during the pandemic.

And while trading conditions are now returning to normal after 12 months of heightened demand, Coles remains well-placed for the long term. This is thanks to its Refreshed Strategy and focus on automation.

Goldman Sachs is a fan of the company. It currently has a buy rating and $20.70 price target on its shares and is forecasting a 62 cents per share dividend in FY 2021. Based on the current Coles share price of $15.74, this represents a fully franked 3.9% yield.

SEEK Limited (ASX: SEK)

Another option for investors to consider investing their Rio Tinto dividends into is SEEK.

It is the dominant job listings company in the ANZ region and has a number of growing international businesses.

While job listings came under pressure during the pandemic, they have bounced back incredibly strongly in recent months. In fact, recent metrics point to new ANZ listings reaching their highest levels in over a decade.

This bodes very well for SEEK given its leadership position in the local market. For example, at the end of December SEEK ANZ had 16 million candidate profiles, 35 million monthly visits, and 160,000 active hirers. This led to the company having almost a third of all placements in the region, which is five times greater than its nearest competitor.

UBS is positive on the company. It currently has a buy rating and $32.00 price target on its shares.

More reading

• Is the Klarna / Flybuys partnership the future for ASX BNPL providers?
• 2 ASX dividend shares with large yields and consistent payouts
• BHP (ASX:BHP) share price on watch as copper demand tipped to soar
• Here’s why SEEK (ASX:SEK) and these ASX shares are at 52-week highs
• Why are the big ASX mining share prices slipping today?

Motley Fool contributor James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia owns shares of COLESGROUP DEF SET and Wesfarmers Limited. The Motley Fool Australia has recommended SEEK Limited. 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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The Australian economy is exceedingly healthy today if the latest jobs figures from the Australian Bureau of Statistics (ABS) are to be believed. The ABS’s labour figures for the month of March were particularly anticipated. That’s because they cover the final month of the JobKeeper payment (which ended on 28 March). 

So without further ado, let’s dive into what the ABS has told us today.

According to the Bureau, the unemployment rate decreased over the month of March to 5.6%. That’s down 0.2% from the 5.8% figure we saw for February. The number of unemployed people in Australia declined from 805,200 in February to 778,100 in March, a decrease of 27,100. That means there are now 13,077,600 employed people in the country as of March, up from 13,006,900 in February.

Pleasingly, both the underemployment (employed people who would like to work more) and the participation rate (percentage of the working-age population who are working) fell and rose respectively. The underemployment rate fell from 8.5% to 7.9% in March. Whilst the participation rate rose from 66.1% in February to 66.3%. Youth unemployment also fell from 5.8% to 5.6%.

What can we take from these March jobs numbers?

Well, it’s clear that these jobs numbers that the Australian economy is in full recovery mode. In fact, Bjorn Jarvis, head of labour statistics at the ABS, stated that the numbers show that the hours worked over the month are back to pre-COVID levels: 

Employment and hours worked in March 2021 were both higher than March 2020, up by 0.6 per cent and 1.2 per cent… In March 2021, 62.6 per cent of people over 15 were employed, which was higher than March 2020 (62.4 per cent). The proportion of women employed was the highest it’s ever been (58.5 per cent), half a percentage point higher than in March 2020… The proportion of men employed remained slightly lower than before the pandemic (66.8 per cent, compared with 67.0 per cent in March 2020).

Of course, all eyes will be on the current months’ numbers when they are released next month. The end of the JobKeeper payment will be the largest test the Australian economy will face yet. However, one business leader thinks there is plenty of blue skies ahead. Commonwealth Bank of Australia (ASX: CBA) Matt Comyn testified to the House of Representatives Standing Committee on Economics this morning. His opening remarks included the following:

Based on the positive momentum we are seeing, our Economics team have also upgraded our forecasts for GDP and employment, and expect to see unemployment at 5.0 percent by the end of calendar 2021, and 4.7 per cent by the end of 2022.

Today, March 2020 seems a little bit further away.

More reading

• Tesla and Palantir were some of the most popular US shares last week
• What’s lifting the Afterpay (ASX:APT) share price today?
• Why Westpac (ASX:WBC) could be about to deliver a dividend surge
• Why the NAB (ASX:NAB) share price could push higher from here
• Why the Commonwealth Bank (ASX:CBA) share price could soar 15%

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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The Charter Hall Group (ASX: CHC) share price is backtracking in late morning trade despite announcing a medium-term note issuance. At the time of writing, the property company’s shares are fetching for $13.34, down 1.1%.

What did Charter Hall update the ASX with?

In its announcement, Charter Hall advised it has secured $250 million of debt through the issuance of Australian medium-term notes. The transaction was strongly supported by domestic and international investors. It is expected that the increased liquidity will drive investment opportunities and improve earnings.

The notes were priced at a fixed coupon of 3.1% before being swapped back to a floating exposure. Charter Hall stated that this provides an all-up cost of debt 1.5% annually at the current floating rate.

Furthermore, the notes are expected to settle on 21 April 2021 and have a 10-year maturity.

Charter Hall group chief financial officer, Russell Proutt commented:

This bond issuance is consistent with our strategy to increase liquidity, extend our weighted average debt maturity, which is now 6.9 years, and diversify our sources of debt capital.

This issue increases the volume of debt capital market issuance beyond $4 billion across the Platform’s $19 billion of debt facilities, of which $13 billion net of cash is drawn, providing significant liquidity and investment capacity across the Platform including the balance sheet of CHC.

Charter Hall group managing director and CEO, David Harrison added:

We are pleased to expand our Investment Capacity at a time where we see attractive risk adjusted returns investing in the growth of our funds and partnerships. In particular, we wish to continue investing in our Direct platform of funds which boast average WALE’s of 9 years across the suite of industrial, office and diversified fund portfolios.

Our wholesale partnerships continue to grow and we expect further investment by the Group to accelerate the growth of existing partnerships and new capital partnerships with both domestic and offshore wholesale investors.

Charter Hall share price snapshot

The Charter Hall share price has accelerated to over 70% in the past 12 months but is down 10% year-to-date. The company’s shares reached a high of $15.29 at the end of 2020 and began to tread lower ever since.

Based on valuation grounds, Charter Hall commands a market capitalisation of around $6.1 billion, with 465.7 million shares on issue.

More reading

• This beaten-down ASX sector could soon be turning the corner
• 2 ASX REITs to grab (and 2 to avoid): fundie

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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The Bitcoin (CRYPTO: BTC) price slipped 0.6% over the past 24 hours. One Bitcoin is currently worth US$62,885 (AU$81,630).

The Bitcoin price broke into new record territory yesterday, briefly touching US$64,829. The current price is down 3.0% from that all-time high.

The world’s biggest cryptocurrency continues to attract investor interest. According to data from Coin Desk, US$79.8 billion worth of the digital tokens changed hands over the past 24 hours.

Of course, not everyone is betting that the Bitcoin price will keep rising. Which brings us to the first inverse Bitcoin exchange traded fund (ETF).

World’s first inverse Bitcoin ETF

An inverse ETF, if you’re not familiar, is one that will gain when the price of the product or shares it tracks fall. Conversely, investors in an inverse ETF will lose money if the price of the product or shares it tracks rise.

With the Bitcoin price now more than 215% above its late December 2017 ‘bubble’ heights, investor interest in a way to short the cryptocurrency is growing.

And once again it’s Canada’s Toronto Stock Exchange (home to the only standard Bitcoin ETF in North America) leading the charge to offer investors the options they want.

AS Bloomberg reports:

Horizon’s BetaPro Inverse Bitcoin ETF [ticker BITI] will provide up to 100% the inverse daily performance of an index that, according to the [company’s] statement, “replicates the returns generated over time through exposure to long notional investments in Bitcoin futures”.

Horizon’s inverse Bitcoin ETF is scheduled to launch today (overnight Aussie time), enabling investors to take short positions on Bitcoin futures.

Commenting on the launch of BITI, Todd Rosenbluth, director of ETF research for CFRA Research said, “Many investors have a view on Bitcoin and this new ETF will provide an opportunity for those that believe the current price is not justified and that Bitcoin is overdue for a correction.”

Steve Hawkins, CEO of Horizons ETFs added:

Buying… BITI is as easy as buying any stock or other ETF through a broker, and doesn’t require investors to open up separate cryptocurrency accounts. Additionally, BITI will offer a way for investors to achieve ‘short’ exposure to Bitcoin without having to use a margin account or shorting futures.

Do you think the Bitcoin price is in a bubble?

Well, there you have it.

If you think the Bitcoin price is set for a retrace, by tomorrow you’ll have a way to invest in an ETF that will gain if the world’s biggest cryptocurrency tumbles.

Just remember, if the Bitcoin price moves the other way (and it’s up 736% in 12 months), Horizon’s inverse Bitcoin ETF will lose money.

More reading

• Why Cryptocurrency stocks like Marathon Digital and Riot Blockchain crashed Today
• Coinbase (NASDAQ:COIN) shares pop and drop in debut
• The Coinbase (NASDAQ:COIN) IPO price has been announced
• Bitcoin price hits new record high as Bitcoin ETF tops $1.3 billion
• The DigitalX (ASX:DCC) share price is up 30% this week

Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Bitcoin. The Motley Fool Australia has no position in any of the stocks mentioned. 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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XRF Scientific Limited (ASX: XRF) shares are surging higher today after the scientific instrument manufacturer released its quarterly trading report.

At the time of writing, the XRF Scientific share price is trading 13.79% higher to 33 cents.

XRF Scientific report details

The March quarter delivered solid results for the company. Given XRF manufactures and sells predominantly precious metal equipment/instruments, it’s not all too surprising to see the company faring well.

XRF Scientific’s unaudited results show $8.2 million in revenue for the recent quarter. This is an increase of 20% compared to the $6.9 million for the same period last year. The elevated revenue inflated the company’s profits with profit before tax growing 81% to $1.8 million.

With mining companies ramping up sample testing, XRF’s consumable product sales performed strongly, coming in at $2.67 million. Additionally, XRF’s sales of capital equipment were reported to be robust – currently with an order book of two months’ worth of sales.

Furthermore, precious metal sales experienced a strong quarter with platinum labware being in high demand. On that front, XRF Scientific’s Germany office has been expanding market share, while maintaining profitability throughout the entire March quarter.

Looking forward

In further news boosting the XRF Scientific share price, the company highlighted its future quarter outlook, saying:

Based on the current level of activity we expect the June 2021 quarter to generate a strong result. During this upcoming quarter, we are continuing with expansion activities such as new product development, M&A opportunities and increasing our precious metals customer base in Europe. 

XRF Scientific share price shines

For a company with a small market capitalisation, at $39 million, the XRF Scientific share price has been delivering solid returns of late. In the last year, shares have rallied 94% to their highest level since 2013.

This didn’t come so easy for long-term shareholders though. Prior to these substantial gain, XRF shares fell 37% during the COVID-19 crash.

More reading

• Do you think the Bitcoin price is a bubble? Read this
• The Element 25 (ASX:E25) share price is gaining today. Here’s why
• Why the 4DS Memory (ASX:4DS) share price is charging 8% higher
• Why Ampol, Netwealth, Orocobre, & Race Oncology shares are storming higher
• Brokers pick these ASX 200 shares to outperform the market

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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The Element 25 Ltd (ASX: E25) share price is rising today after the company shared news from its Butcherbird Project.

The resource explorer announced the project’s development is progressing smoothly and the first ore has been processed.

At the time of writing, the Element 25 share price is $2.36, up 5.8% from yesterday’s closing price. Let’s take a closer look at today’s news.

Butcherbird Project update

The first stage of development of Element 25’s wholly-owned Butcherbird Project has been successfully completed. Its completion comes only 11 months after its pre-feasibility study was first published.

The Butcherbird Project aims to produce high purity manganese sulphate monohydrate for electric vehicle batteries.

Element 25 believes potential supply limits for nickel and cobalt may force battery manufacturers to use high manganese cathodes for electric vehicle production in coming years. It states the project is ideally positioned to feed any such demand. 

The production of in-specified 30% to 35% manganese content concentrate has been successfully produced in the commissioning process, with encouraging indications to potential plant throughput.

The company is now working to optimise the plant’s processing quantity and product quality.

Today’s release said there were no significant flaws in any of the project’s processing equipment or stages. Water and power services are operating reliably.

Commentary from management

Element 25 managing director Justin Brown commented on today’s news, saying:

This is another important milestone in the development of the project and we look forward to updating the market further in coming weeks as we progress towards our first shipment.

Element 25 share price snapshot

The Element 25 share price has been flourishing on the ASX of late, with today’s news giving it another boost.

The Element 25 share price has risen 49% since the start of the year. It’s also gained a massive 1,460% since this time last year.

The company has a market capitalisation of around $331 million, with approximately 148 million shares outstanding.

More reading

• Why is the Element 25 (ASX:E25) share price tumbling 8% today?

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia has no position in any of the stocks mentioned. 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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The 4DS Memory Ltd (ASX: 4DS) share price is charging higher today, up more than 8% in late morning trade.

Below we take a look at the ASX technology share’s latest quarterly activity report.

What did 4DS Memory report for the quarter?

The 4DS Memory share price is soaring after the company reported it had completed testing of its Second Non-Platform Lot, with positive results.

The memory storage provider said it managed to repeat the results for “each of the key memory characteristics (speed, endurance and retention)” which it had achieved with its First Non-Platform Lot.

In a milestone achievement for the company, it reported that 19 of the 21 device wafers were functional. 4DS noted that both non-functional wafers “were the result of being manufactured outside the imec process window”.

The company said that the latest testing has increased its knowledge of how changing key process parameters impact key memory characteristics. This could enable it to manipulate the process parameters to increase memory characteristics.

imec and Western Digital have been providing support and technical input for the project.

Earlier in the quarter, 4DS reported that production of the Second Platform Lot had started at imec’s Belgium facilities.

In this morning’s update, 4DS said that production remains on track. Barring unexpected equipment issues or new impacts from COVID-19, it expects to analyse these wafers during the current quarter (Q2) and provide the market with results late in this quarter.

Financial summary and index inclusion

4DS reported it held $5.5 million of cash as at 31 March, down from $6.5 million at the end of the previous quarter. Just under $1 million was used for operating activities.

In a win for the company, it was admitted to the S&P/ASX All Technology Index (ASX: XTX) on 22 March.

4DS Memory share price snapshot

Over the past 12 months, the 4DS Memory share price is up an eye-popping 388%. By comparison, the All Ordinaries Index (ASX: XAO) is up 32% at the same time, whilst the All Tech index has gained 79%.

Year-to-date 4DS Memory shares are up 39%.

More reading

• 4DS Memory (ASX:4DS) share price lifts on patent news

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is out of form and edging slightly lower. At the time of writing, the benchmark index is down a few points to 7,020 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are storming higher:

Ampol Ltd (ASX: ALD)

The Ampol share price is up 6% to $25.87 following the release of its first quarter update. According to the release, the fuel retailer’s performance improved during the three months ended 31 March. Ampol reported higher earnings before interest and tax (EBIT) across its three major segments. One of those was its Australian Fuels & Infrastructure (F&I) ex Lytton, which delivered EBIT of $59 million. This was up from $47 million in both the prior quarter and the prior corresponding period.

Netwealth Group Ltd (ASX: NWL)

The Netwealth share price is up 3% to $14.78. Investors have been buying the investment platform provider’s shares following the release of its third quarter update. That update reveals that Netwealth continued its strong form during the quarter. As a result, at the end of March, its Funds Under Administration (FUA) reached $41.8 billion. This represents a $3 billion or 7.8% increase since the end of December, including a positive market movement of $0.8 billion.

Orocobre Limited (ASX: ORE)

The Orocobre share price has stormed 4% higher to $6.22. This solid gain appears to have been driven by a broker note out of Macquarie this morning. Although the lithium miner’s sales volume during the third quarter was lower than it expected, it was pleasantly surprised by stronger than expected pricing. This led to Macquarie retaining its outperform rating and $7.10 price target on its shares.

Race Oncology Ltd (ASX: RAC)

The Race Oncology share price has jumped 10% to $3.37. This follows the release of an update on its phase 2/3 cancer drug, Bisantrene. According to the release, independent researchers have found Bisantrene to be a highly effective inhibitor of the Fat Mass and Obesity associated protein (FTO). The University of Chicago team also identified that FTO plays a critical role in the development of skin cancers caused by low-level arsenic exposure.

More reading

• ASX 200 flat: Zip raises $400m, Bank of Queensland results, Regis crashes
• Why the Ampol (ASX:ALD) share price is climbing
• Why the Race Oncology (ASX:RAC) share price is rocketing 10% higher
• Why the Netwealth (ASX:NWL) share price is charging higher
• Macquarie (ASX:MQG) just delivered ASX lithium shares a big boost

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Netwealth. 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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From buy now pay later (BNPL) to insurance, here are the ASX 200 shares that brokers think could outperform the market. 

ASX 200 shares rated as a buy 

1. Afterpay Ltd (ASX: APT) 

Morgan Stanley highlights the continued momentum in Afterpay’s US app downloads, with approximately 760,000 in March and exceeding December 2020 levels. Perhaps more importantly, the broker notes that US BNPL peers did not experience such an increase. 

The broker also notes Afterpay’s recent global partnership with Adyen, a Dutch payments company offering merchants online services. Furthermore, the broker highlighted the company’s expansion into the travel vertical in Australasia with its Play Travel brand. The product works exactly like any other Afterpay product, allowing customers to choose a holiday package or build their own up to $3,000 and pay in four fortnightly instalments.

Morgan Stanley retained its overweight rating with a $149 target price. Afterpay shares are slightly weaker today, down 0.16% to $127.65. 

2. AUB Group Ltd (ASX: AUB)

AUB is Australia and New Zealand’s largest equity-based insurance network. A number of insurance shares were upgraded last month. This was on the basis that the insurance market is moving through a hard cycle where premiums increase and the capacity for most types of insurance decreases. Therefore, the general broker census is that an uplift in premiums will translate to improved margins over the short to medium term. 

Macquarie notes that third quarter premiums increased by 4%. It highlighted that property class rates continued while the moderation in commercial motor premiums have reverted. The broker’s commentary believes that higher premiums are needed to support underwriting profitability in today’s lower interest rate environment. 

An outperform rating was retained with a $20.40 target price. AUB shares have also surged into record territory, up almost 20% year-to-date and currently trading at $19.20. 

3. Aurizon Holdings Ltd (ASX: AZJ) 

A core component of Aurizon’s business is its management of the Central Queensland Coal Network. Macquarie observed weaker coal volumes in the March quarter, reflecting the wet weather in NSW. 

Despite the limited growth in the coal sector, Macquarie believes there is an incremental opportunity in freight. The broker highlights the re-tender by CBH, Australia’s largest exporter of grain, for grade haulage in Western Australia as a key opportunity.

Macquarie has an outperform rating on Aurizon shares with a $4.40 target price. Unlike most ASX 200 shares that have managed to come back to pre-COVID highs, the Aurizon share has drifted some 30% lower in the past 12 months. Its shares are currently sitting at a 5-year low of $3.91. 

4. Steadfast Group Ltd (ASX: SDF)

Macquarie’s opinion of Steadfast follows a similar narrative as AUB where premium rate rises continue to be supportive. It highlights the increases in property class rates and the reversion of commercial motor rates. 

The broker retained an outperform rating with a target price of $4.40. Steadfast shares currently sit around all-time record highs. However, they are relatively flat in terms of year-to-date returns. Its shares are currently fetching $4.11. 

More reading

• Is the Afterpay (ASX:APT) share price set to surge later this month?
• Why the IOUpay (ASX:IOU) share price is up 15% this week
• Is the Klarna / Flybuys partnership the future for ASX BNPL providers?
• Why the Zip (ASX:Z1P) share price is in a trading halt
• How does Afterpay’s (ASX:APT) growth rates compare to peers?

Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Aurizon Holdings Limited and Steadfast Group 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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