Why Credit Corp, Oil Search, Pilbara Minerals and PointsBet charge more
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In the afternoon trade, the S & P / ASX 200 Index (ASX: XJO) has followed the lead of the US markets and is soaring. The benchmark index is currently up 1.2% to 7,342.3 points.
Four ASX stocks that are climbing more than most today are listed below. Here’s why they charge higher:
Credit Corp Group Limited (ASX: CCP)
Credit Corp’s stock price is up 2.5% to $ 28.30. This gain appears to have been driven by a broker note from Morgans this morning. According to the rating, the broker upgraded the debt collector’s shares to an additional rating with a price target of $ 33.45. Morgans expects Credit Corp to post earnings at the high end of its forecast range in FY2021. However, he warned that his FY2022 forecast could be disappointing given the current bottlenecks. .
The Oil Search share price rose another 4% to $ 4.06. Investors continue to buy shares in power producer after Santos SA (ASX: STO) revealed that Oil Search rejected its proposed merger. Ord Minnett thinks the proposed merger makes sense. Its analysts put a buy rating and a target price of $ 5.60 on Oil Search shares.
Pilbara Minerals SA (ASX: PLS)
Pilbara Minerals’ share price climbed 5% to $ 1.53. This despite the lack of news from the lithium producer. However, a number of lithium stocks are on the rise today after risk sentiment improved following a strong trading night on Wall Street.
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price is up 5% to $ 12.25. This appears to have been prompted by a broker note from Goldman Sachs this morning. According to the note, Goldman Sachs reiterated its buy rating and target price of $ 17.20 on the company’s shares. This follows the news that the sports betting company has signed an agreement to enter the Arizona market. Goldman notes that Arizona is the 14th most populous state in the United States. The broker considers it a Level 2 state and estimates that it offers a total addressable market of around $ 0.8 billion at maturity.