In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is heading in the right direction again. At the time of writing, the benchmark index is up 1% to 7,200.3 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:
Allkem Ltd (ASX: AKE)
The Allkem share price is up 6% to $12.57. Investors have been buying this lithium miner's shares in response to a positive broker note out of Jefferies. According to the note, the broker has upgraded Allkem's shares to a buy rating with an improved price target of $15.50. The broker sees risks to lithium supply growth, which bodes well for prices in the near term.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is up 5% to $4.06. This has also been driven by a bullish broker note. According to a note out of Citi, its analysts have upgraded this lithium miner's shares to a buy rating with a $4.70 price target. The broker commented: "PLS has pulled back ~30% since November against weaker-than-expected— albeit still growing—EV sales and anticipated battery supply chain destocking. In our view, the correction is overdone and we upgrade PLS to Buy from Neutral."
Talga Group Ltd (ASX: TLG)
The Talga share price is up 6% to $1.68. This follows the announcement of a non-binding letter of intent with French electric vehicle battery manufacturer Verkor. According to the release, the two parties are looking at offtake supply agreements for Talga's flagship graphite anode product, Talnode-C.
Westgold Resources Ltd (ASX: WGX)
The Westgold share price is up over 7% to $1.12. This morning, this gold miner released an update on its performance during the second quarter. Westgold delivered record production of 110,606 tonnes at 3.47g/t Au. This is up from its previous record of 90,588t at 3.2g/t Au during the prior quarter. The company also released "outstanding" drilling results.
