Why Afterpay, Lovisa, Liontown, and Pilbara Minerals shares are racing higher

These ASX shares are on form on Wednesday…
The post Why Afterpay, Lovisa, Liontown, and Pilbara Minerals shares are racing higher appeared first on The Motley Fool Australia. –

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.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

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.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!