Why Credit Corp, Oil Search, Pilbara Minerals, & PointsBet are charging higher

These ASX shares are on form today…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is racing higher. The benchmark index is currently up 1.2% to 7,342.3 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are charging higher:

Credit Corp Group Limited (ASX: CCP)

The Credit Corp share price is up 2.5% to $28.30. This gain appears to have been driven by a broker note out of Morgans this morning. According to the note, the broker has upgraded the debt collector’s shares to an add rating with a $33.45 price target. Morgans is expecting Credit Corp to deliver a profit result at the high end of its guidance range in FY 2021. Though, it has warned that its FY 2022 guidance could underwhelm given current lockdowns.

Oil Search Ltd (ASX: OSH)

The Oil Search share price is up a further 4% to $4.06. Investors continue to buy the energy producer’s shares after Santos Ltd (ASX: STO) revealed that Oil Search rejected its merger proposal. Ord Minnett believes the proposed merger makes sense. Its analysts have put a buy rating and $5.60 price target on Oil Search’s shares.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price has stormed 5% higher to $1.53. This is despite there being no news out of the lithium producer. However, a number of lithium shares are on the rise today after risk sentiment improved following a strong night of trade on Wall Street.

PointsBet Holdings Ltd (ASX: PBH)

The PointsBet share price is up 5% to $12.25. This appears to have been driven by a broker note out of Goldman Sachs this morning. According to the note, Goldman Sachs has reiterated its buy rating and $17.20 price target on the company’s shares. This follows 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 US. The broker considers it to be a tier 2 state and estimates that it offers a total addressable market of ~US$0.8 billion at maturity.

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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 shares of and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings 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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