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The Incannex Healthcare Ltd (ASX: IHL) share price has been on a roll lately.

It has rocketed 21.4% over the last fortnight despite no price-sensitive news having been released by the clinical stage developer of medicinal cannabinoid pharmaceuticals.

At the time of writing, the Incannex share price is trading at 34 cents, 1.49% higher than its previous close.

For context, the broader market is also in the green. The All Ordinaries Index (ASX: XAO) has lifted 1.1% right now.

So, what might be driving the ASX healthcare share higher lately? Let’s take a look.

What’s been going right for Incannex lately?

The Incannex share price has rallied in recent weeks as the company prepared to be included in the S&P/ASX 300 Index (ASX: XKO).

The healthcare stock was added to the index as part of its September rebalance alongside 15 other shares. Monday marked its first day on the ASX 300.

Its addition likely bolstered demand for its stock as funds tracking the ASX 300 were forced to buy in.

Its intended inclusion was announced on 2 September. The company’s CEO Joel Latham responded to the news on 6 September, saying:

We’re delighted to be recognised for inclusion in the ASX 300 index to be listed among the largest and most-recognisable companies in Australia.

Being listed in the index is a precursory investment condition for many domestic and international investment institutions so we are excited for the possibilities this recognition may bring.

Thus, its new home on the ASX 300 might explain some of the Incannex share price’s recent gains.

Incannex is also likely in the front of investors’ minds after the company released its annual report this morning.

The report details the company’s financial year 2022, a year that Incannex chair Troy Valentine said brought “significant advancements in clinical development across [its] entire portfolio”. Valentine continued:

Our strong financial position and having strong investor visibility in Australia and the United States gives us the necessary comfort to conduct our research programs unimpeded and at pace as we focus on delivering our novel pharmaceutical products and therapies to patients in need.

Incannex currently boasts 28 projects for which proof of concept has been established.

Incannex share price snapshot

While the last fortnight has been good for the Incannex share price, its longer-term performance has been less positive.

The stock has slumped 48% since the start of 2022. Though, it’s still 5% higher than it was this time last year.

For comparison, the ASX 300 has fallen 11% year to date and 6% over the last 12 months.

The post Why has the Incannex share price rallied 20% in 2 weeks? appeared first on The Motley Fool Australia.

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More reading

• Have Incannex Healthcare shares been a good investment in 2022?
• Why the Incannex share price leapt 13% on Monday?

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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 Scott Phillips.

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The Appen Ltd (ASX: APX) share price is in the green today.

Appen shares are currently trading at $3.465, a 1.61% gain, after jumping 6.7% to an intraday high of $3.64 early in the session.

Let’s take a look at what may be impacting the Appen share price today.

Technology shares rise

Shares in the machine learning and artificial intelligence company are rising today, but they are not alone among ASX technology shares. The Altium Limited (ASX: ALU) share price is 1.13% higher at the time of writing, while Wisetech Global Ltd (ASX: WTC) is 1.01% ahead. The Megaport Ltd (ASX: MP1) share price is up 1.86%.

Meantime, the S&P/ASX All Technology Index (ASX: XTX) is 0.48% higher in early afternoon trade.

Technology shares, including Appen, are rising after the NASDAQ in the US also lifted overnight. The tech-heavy Nasdaq index gained 0.76%, or 87 points. Apple Inc (NASDAQ: AAPL) rose 2.51% while Meta Platforms Inc (NASDAQ: META) leapt 1.18%.

Now, Citi brokers see tailwinds for Australian technology stocks in FY23, according to a Thomson Reuters report cited on NAB trade.

The broker highlighted the August reporting season was “better than expected” with just Appen and Zip predicting revenue downgrades.

Citi reportedly expects costs of sales to “reduce cost growth in an uncertain environment”, potentially leading to profitability margins being better than expected.

Appen reported revenue of $182.9 million in the first half of calendar year 2022, down 7% on the prior corresponding period.

Share price snapshot

Appen shares have dropped 63% in the past year, while they have lost 69% year to date.

For perspective, the S&P/ASX All Technology Index (ASX: XTX) has shed 32% in the past 12 months and around 29% in 2022 so far.

Appen has a market capitalisation of $427 million based on the current share price.

The post Why is the Appen share price climbing today? appeared first on The Motley Fool Australia.

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More reading

• Pain continues for Appen share price amid ASX tech sell-off
• Down 65% this year, where to next for the Appen share price?
• Megaport share price soars 10% as ASX tech shares trump on Thursday
• Down 68% so far in 2022, can Appen shares ‘get through this?’
• Why did the Appen share price just hit a 5-year low?

Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool’s board of directors. Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Altium, Appen Ltd, Apple, MEGAPORT FPO, Meta Platforms, Inc., and WiseTech Global. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool Australia has positions in and has recommended WiseTech Global. The Motley Fool Australia has recommended Apple, MEGAPORT FPO, and Meta Platforms, Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The IGO Ltd (ASX: IGO) share price is ratcheting higher today and currently trades 5.36% in the green at $15.035 apiece.

Investors are rallying the share today following an update from the diversified mining giant’s partner at the Mt Alexander Project, located in Western Australia.

Let’s check the latest.

What’s behind the IGO share price?

IGO has a stake in various tenements at the Mt Alexander site along with St George Mining Ltd (ASX: SGQ).

Today, St George announced updated results amid a lithium exploration program being conducted at the site.

The current program is concentrating on two tenements where “extensive pegmatite outcrops continue to be mapped”.

For IGO, the relevant claim is E29/638, 75% owned by St George with IGO holding the remaining 25%.

The announcement notes there are an increasing number of pegmatite outcrops, identified through field mapping studies at Mt Alexander.

All samples have been submitted for lab testing, following visual observation of potential spodumene and lepidolite minerals in the collected rock.

Speaking on the announcement, St George executive chair John Prineas said both parties are “delighted” with progress:

We are seeing thick pegmatite dykes spread over a zone more than 15km long in the same corridor parallel to the Copperfield Granite where major discoveries have been announced by Red Dirt Metals. We are increasingly excited by the potential that Mt Alexander may form part of the same pegmatite hosted lithium mineral system.

Meanwhile, the $11 billion company by market cap, IGO has retraced all of the gains it had given away in 2022 and is now trading back at its 52-week highs.

Helping push the IGO share price back to this level has been the price of lithium. The commodity has also recently pushed back to all-time highs.

This has certainly helped ASX lithium shares rally hard in the new financial year with companies such as IGO continuing to trade higher.

The company is trading at a price-to-earnings (P/E) ratio of 32.15 times with a trailing dividend yield of 0.71%.

As such, it trades at a premium to its peers in the diversified mining index, according to data from Refinitiv Eikon

With this most recent rally, IGO shares have now spiked to a 67% gain over the past 12 months.

The post Here’s why the IGO share price is firing 5% on Tuesday appeared first on The Motley Fool Australia.

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More reading

• 3 ASX lithium shares soaring on project updates
• ASX lithium mania: Is the ‘incredible amount of interest’ sustainable?
• Lithium mania: IGO share price lifts despite trading ex-dividend
• 5 things to watch on the ASX 200 on Thursday
• Hoping to dig into the next IGO dividend? Here’s what to do

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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 Scott Phillips.

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The Whitehaven Coal Ltd (ASX: WHC) share price is having yet another strong day.

In afternoon trade, the coal miner’s shares are up 3% to $8.56.

This means the Whitehaven Coal share price is now up over 200% since the start of the year.

Why is the Whitehaven Coal share price rising today?

The catalyst for the rise in the Whitehaven Coal share price on Tuesday has been the release of the full year results of one of its rivals.

This morning New Hope Corporation Limited (ASX: NHC) released its full year results and revealed a 143% increase in revenue to $2.55 billion and a whopping 1,139% jump in net profit after tax to $983 million.

This allowed the coal miner to declare a fully franked 31 cents per share final dividend and a 25 cents per share special dividend. Combined, this was a massive 700% year over year increase from FY 2021’s 7 cents per share final dividend.

The key driver of this impressive result was of course sky high coal prices. And with New Hope’s management team suggesting that high prices are here to stay for the foreseeable future, this bodes well for New Hope and Whitehaven Coal.

New Hope commented:

Robust market demand for high energy and lower emission thermal coal, strengthened by the Russia-Ukraine conflict which has further tightened supply. With global energy demand to remain flat to 2030, stronger longer-term pricing is expected to remain considering constrained supply.

It’s no wonder then that the team at Morgans is forecasting a $1.00 per share dividend from Whitehaven Coal in FY 2023.

This equates to a very generous 11.7% dividend yield even after the Whitehaven Coal share price heroics of 2022.

The post Why is the Whitehaven Coal share price having such a top run on Tuesday? appeared first on The Motley Fool Australia.

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More reading

• Analysts name 2 ASX dividend shares to buy this month
• 3 ASX energy stocks up more than 100% so far this year
• 5 ASX energy shares powering portfolios with the highest dividend yields
• Own Whitehaven shares? Here’s some good news on your dividends
• Here are the top 10 ASX 200 shares today

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. 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 Scott Phillips.

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Pilbara Minerals Ltd (ASX: PLS) investors are rejoicing once more on Tuesday, with the share price surpassing its record high for the ninth time this month.

Shares in the S&P/ASX 200 Index (ASX: XJO) lithium favourite launched 4.6% to $4.97 shortly after the market opened this morning.

It has since retreated to trade at $4.84, 1.8% higher than its previous close.

Meanwhile, the ASX 200 is trading in the green. The index has lifted 1.2% following recent suffering that saw it tumble 4.1% over the four sessions prior.

So, what’s been going so right for the Pilbara Minerals share price in September?

Let’s take a look.

Pilbara Minerals share price leaps to another record high

Pilbara Minerals has been riding a wave of market enthusiasm for lithium this month.

Its gains come amid warnings from experts claiming the supply of the ‘white gold’ battery-making material will likely get to a crunch point over the coming years.

Analysts at JP Morgan echoed such expectations earlier this month, upping their lithium price targets by as much as 25%, as my Fool colleague Tristan reports.

The experts also slapped Pilbara Minerals shares with a buy rating and a $4.10 price target.

At the same time, the stock finally surpassed the record $3.89 it reached in January, surging to $3.97 on 6 September.

Likely to investors’ surprise, Pilbara Minerals surpassed that record high in every session over the following week.

After backing off for a hot second, it’s back up to its old tricks today.

Of course, it’s not just Pilbara Minerals that’s been on a roll lately. Other ASX lithium shares have also performed well.

Pilbara announced its maiden profit last month.

Its revenue lifted to $1.2 billion in financial year 2022, sending its after-tax profit into the green for the first time, coming in at $561.8 million.

The Pilbara Minerals share price is currently 52% higher than it was this time last month. It has also gained 37% year-to-date and 134% over the past 12 months.

The post Pilbara Minerals share price racks up ninth all-time high for September appeared first on The Motley Fool Australia.

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More reading

• Up 50% in a month, does the Pilbara Minerals share price ‘reflect too much optimism’?
• Here are the top 10 ASX 200 shares today
• Why Lake Resources, Life360, Pilbara Minerals, and PolyNovo shares are storming higher
• Here are the 3 most heavily traded ASX 200 shares on Monday
• 3 ASX lithium shares smashing new, all-time highs on Monday

JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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 Scott Phillips.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

On Friday, the European Central Bank (ECB) announced that it had selected e-commerce giant Amazon.com, Inc. (NASDAQ: AMZN) and four other entities to develop user interface prototypes for a possible digital version of the euro.

A digital version of the euro — or of any other major central bank digital currency (CBDC), such as the U.S. dollar — would likely have investing implications throughout the financial sector. This includes implications for cryptocurrencies, digital currencies that fall outside the domain of central banks or any centralized authorities. 

The focus of this article is on what this development could mean for Amazon.

The Digital Euro Project’s prototyping phase

Along with Amazon, the ECB selected CaixaBank, Worldline, the European Payments Initiative (EPI), and Nexi to help it develop potential user interfaces for a digital euro. It selected them from a pool of 54 applicants because it believes they can best address the “specific capabilities” required for an assigned use case for a digital euro. They will not be financially compensated for their prototyping work.

The non-Amazon names are probably new to many U.S. investors. They’re all based in Europe, and none are listed on a major U.S. stock exchange. Indeed, it seems a telling indication of Amazon’s global e-commerce dominance that it’s the only one of the five chosen entities based outside the eurozone. 

According to a press release by the ECB, the aim of the prototyping stage of the Digital Euro Project is “to test how well the technology behind a digital euro integrates with prototypes developed by companies. Simulated transactions will be initiated using the front-end prototypes developed by the five companies and processed through the Eurosystem’s interface and back-end infrastructure.” (The Eurosystem is comprised of the ECB and the national central banks of the eurozone.) 

Amazon’s focus, of course, will be on e-commerce payments. Spain-based CaixaBank, France’s Worldline, and Italy’s Nexi will concentrate on peer-to-peer online payments, peer-to-peer offline payments, and point-of-sale (POS) payments initiated by the payee, respectively. EPI, comprised primarily of numerous banks and credit institutions across Europe, will focus on POS payments initiated by the payer.

The Digital Euro Project’s timeline

The ECB expects the user-interface prototyping phase of the Digital Euro Project, which launched in July 2021, to be completed by the first quarter of 2023. It plans to publish its findings in that quarter.

After the two-year investigation phase of the project ends in October 2023, the ECB will decide whether to start developing a digital version of the euro. The implementation phase, if applicable, is expected to last about three years. So a digital euro could arrive in the fall of 2026 or thereabouts.

How could Amazon benefit from its involvement in the Digital Euro Project?

It’s too early to do more than just broadly speculate as to how Amazon could benefit from its involvement in the ECB’s exploration of the development of a digital euro. That said, being involved in the early stages of a groundbreaking project definitely has potential upside for the company’s business.

Should a digital euro come to fruition, Amazon might have an edge on its competitors in that its internal systems would be ready to handle digital euro transactions. And the company might be able to leverage what it learns from its digital euro work to help improve its current products and services or expand into new arenas.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Move over, cryptocurrencies: a digital euro could be coming with help from Amazon appeared first on The Motley Fool Australia.

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More reading

• Which of these Warren Buffett stocks is the better buy?
• Amazon, Microsoft, and Alphabet have partnered with this US cloud stock. Is it a buy?
• Why Amazon and Apple stocks slumped Tuesday
• Why Amazon stock stumbled today
• If you like Amazon, you’ll love these 3 stocks

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Beth McKenna has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Amazon. The Motley Fool Australia has recommended Amazon. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The CSL Limited (ASX: CSL) share price is trading marginally lower, down 0.41% to $281.83 at the time of writing.

Over the past month, the ASX biotech share is down 4.15% and in the year to date, it’s fallen 4.55%.

The company hasn’t announced any price-sensitive news since its FY22 results on 17 August.

What do the experts think of the CSL share price?

In an article on Livewire, Vince Pezzullo of Perpetual Asset Management says the CSL share price is elevated.

Pezzullo wrote: “We regard CSL as a high-quality stock, but it is trading at a price well above its value.”  

According to research published on the Westpac trading platform, CSL is trading at a price-to-earnings (P/E) ratio of 38.76.

This is more than twice the market average of 14.47 and well above the sector average of 26.88.

But analysts at Macquarie see further growth ahead for the CSL share price.

As my Foolish colleague James reported yesterday, Macquarie has retained its outperform rating on the stock. It has a share price target of $329.50 on CSL shares. That’s a potential 16% upside.

The broker highlighted CSL’s successful recent phase 3 trial of garadacimab, which brings the hereditary angioedema treatment closer to approval.

According to CSL, the company “aims to begin filing with global health authorities at the end of the current fiscal year for full approval”.

If regulators give the go-ahead, Macquarie reckons it could command almost half of the market in the coming years.

In a company poll, Macquarie asked its experts to pick the best ASX 100 defensive shares to buy today.

CSL was among them due to its multiple growth drivers, as my colleague Brendan reported yesterday.

The post The CSL share price has been struggling of late. Is this because it’s fully valued? appeared first on The Motley Fool Australia.

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More reading

• Leading brokers name 3 ASX shares to buy today
• These are the top ASX 100 buy ideas from Macquarie
• 2 blue chip ASX 200 shares to boost your portfolio: experts
• The CSL share price has gone backwards in 2022. Could a turnaround be ‘just starting to happen’?
• ASX 200 better buy: Cochlear or CSL shares?

Motley Fool contributor Bronwyn Allen has positions in CSL Ltd. and Macquarie Group Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL Ltd. The Motley Fool Australia has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The S&P/ASX 200 Materials Index (ASX: XMJ) is lifting 2% today, but three ASX lithium shares are soaring far higher.

The Ragusa Minerals Ltd (ASX: RAS), Lord Resources Ltd (ASX: LRD) and ST George Mining Ltd (ASX: SGQ) share prices are rising today.

Let’s take a look at why these ASX lithium shares are having a good day.

ST George Mining

The ST George Mining share price is soaring 13% today. The company announced “significant positive results” from lithium exploration at the Mt Alexander Project. This is located in the north-eastern Goldfields in Western Australia.

Rock chip sampling of pegmatite outcrop showed a “geochemistry indicative of lithium, caesium and tantalum (LCT) fertile pegmatites”. Assays also returned high levels of rubidium. Field mapping and rock chip sampling is ongoing.

Commenting on the news, executive chairman John Prineas said:

Our field work is the first lithium focused exploration conducted at Mt Alexander and we very pleased with the pace at which the evidence for the lithium potential is building.

Ragusa Minerals

Ragusa Minerals shares are rising 14% today. The company advised a six-year project tenement has been granted for the company’s EL33150 tenement. This is located within the company’s Northern Territory Lithium Project.

Historical geological mapping works show the project area is potentially prospective for lithium. Five tenements have now been granted at the project. Drilling will start soon.

Commenting on the news, chair Jerko Zuvela said:

This is another very positive milestone that puts Ragusa in a strong position to rapidly accelerate the development of our project within a proven high-quality lithium district.

Lord Resources

Lord Resources shares are jumping 7% today following the granting of an exploration licence for the Horse Rocks Project. This is located in Western Australia. In earlier trade, Lord Resources shares soared 23% before retreating.

The company said “high impact exploration” is imminent. Field work will begin immediately including geological mapping and rock chip sampling.

Commenting on the news, managing director Barnaby Egerton-Warburton said:

Located in one of the best lithium exploration provinces globally, the company is excited to get
to work of demonstrating the potential of Horse Rocks and hopefully making a discovery that will add to the regions already impressive lithium inventor.

The post 3 ASX lithium shares soaring on project updates appeared first on The Motley Fool Australia.

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More reading

• Guess which ASX lithium stock just rocketed 36% on ‘another very positive milestone’
• 3 ASX mining shares that soared over 25% on Thursday
• Guess which obscure ASX lithium share has gained 293% so far in August

Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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 Scott Phillips.

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The Tabcorp Holdings Limited (ASX: TAH) share price is edging higher today following the sale of the company’s eBet business.

At the time of writing, the gambling company’s shares are up 1.54% to 99 cents.

Also heading north is the benchmark S&P/ASX 200 Index (ASX: XJO) which is 0.92% higher after Wall Street snapped its two-day losing streak.

Tabcorp divests eBet business

Investors are bidding up the Tabcorp share price after the company provided a gaming services strategic update today.

According to its release, Tabcorp advised it has entered into an agreement to sell eBet to Venue Digital Technology.

Under the deal, Tabcorp will receive $62 million in cash less working capital and other minor adjustments.

eBet provides loyalty and tracking systems for gaming venues across Victoria and New South Wales. In the financial year ending 30 June, the group generated an EBITDA of $4.4 million and an EBIT loss of $2 million.

Tabcorp said that the sale is expected to be completed by the end of the first half of FY 2023, subject to the usual customary conditions.

Once the sale is finalised, this will result in a pre-tax gain of approximately $39 million.

In addition, Tabcorp confirmed the details of a new exclusive Tasmanian Monitoring Operator Licence awarded to Max Regulatory Services (MRS).

This will monitor all electronic gaming machines in hotels and licensed clubs in Tasmania.

The licence is for a 20-year period commencing 1 July 2023.

Tabcorp managing director and CEO, Adam Rytenskild commented:

The transactions announced today allows us to simplify our Gaming Services business as we pivot to an integrity services model.

This continues the urgent implementation of Tabcorp’s transformation strategy. We have strong momentum and bold ambitions to grow both our Wagering & Media and Gaming Services businesses.

The potential sale of eBet was disclosed at the release of our FY22 results and we are pleased to have entered into the agreement swiftly and in line with our new strategic direction.

Tabcorp share price snapshot

Extreme market volatility has led the Tabcorp share price on a rollercoaster over the past 12 months. Its shares are up 8%.

For context, the S&P/ASX 200 Consumer Discretionary (ASX: XDJ) sector is down 18% over the same time period.

Tabcorp commands a market capitalisation of about $2.17 billion

The post Tabcorp share price lifts following $62m eBet sale appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• 3 ASX 200 shares defying Friday’s sell-off to surge higher
• 3 blue-chip ASX 200 shares touting the highest dividend yield in September
• Why DGL, PointsBet, Tabcorp, and Woodside shares are dropping today
• Why is the Tabcorp share price diving 6% on Wednesday?

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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 Scott Phillips.

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The Webjet Limited (ASX: WEB) share price is hitting blue skies today, reaching an intraday high of $5.48 — up 5.2% on its previous close. It is currently trading at $5.39, up 3.46%.

Fellow ASX travel shares are also in the green, with the Flight Centre Travel Group Ltd (ASX: FLT) share price up 1.18% to $16.24, and the Qantas Airways Limited (ASX: QAN) share price up 0.76% to $5.29.

These ASX travel companies haven’t announced any price-sensitive news today.

Why is the Webjet share price up?

The broader market is up today, with the S&P/ASX 200 Index (ASX: XJO) rising 1.17%.

Overnight, several international stocks traded strongly, which might be having a positive bearing on the Webjet share price today.

American Airlines Group Inc (NASDAQ: AAL) shares went up 3.35%. United Airlines Holdings Inc (NASDAQ: UAL) and Southwest Airlines Co (NYSE: LUV) shares finished up 3.3%.

What do the experts think about Webjet?

As my Fool colleague James reported yesterday, Morgans thinks Webjet is a buy in September. The broker likes Webjet shares at this price level, based on its earnings estimate for the recovery year of FY24.

Morgans has an add rating on Webjet with a share price target of $6.40. That’s a potential 18.7% upside over the next 12 months.

The broker commented:

Based on our forecasts, WEB is trading on an FY24 recovery year PE which is at a discount to its five-year average PE (pre-COVID). Its WebBeds (B2B) business is highly leveraged to the northern hemisphere summer holiday season which is forecast to be strong. Webjet OTA is leveraged to ANZ domestic and international travel.

My Foolish friend Cathryn also reports that Macquarie has slapped an outperform rating on the stock. The broker did so after Webjet’s annual general meeting on 31 August.

Macquarie has a 12-month price target of $6.15 for Webjet shares — a potential 14% upside.

Explaining its upgraded rating, Macquarie said:

Despite some macro risks on the horizon, the medium-term growth outlook is favourable and underpinned by market share gains, ongoing tech investment, and a full recovery in travel markets. 

The post Why is the Webjet share price heading 5% skywards on Tuesday? appeared first on The Motley Fool Australia.

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More reading

• Broker names 2 of the best ASX shares to buy now
• What are Webjet shares really worth in September?
• Why is the Webjet share price having a lousy start to the week?
• Brokers name 3 ASX shares to buy today
• Broker tips 23% upside for Webjet share price and the return of dividends

Motley Fool contributor Bronwyn Allen has positions in Macquarie Group Limited and Webjet Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Southwest Airlines. The Motley Fool Australia has recommended Macquarie Group Limited and Webjet Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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