In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a sizeable decline. At the time of writing, the benchmark index is down 1.3% to 6,942.9 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
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CSL Limited (ASX: CSL)
The CSL share price is up over 1% to $249.50. Investors have been buying this biotherapeutics giant's shares following the release of a bullish broker note out of Morgan Stanley. It believes that recent selling has been an overreaction and created a buying opportunity for investors. The broker has an overweight rating and a $334.00 price target on its shares.
Cyclopharm Ltd (ASX: CYC)
The Cyclopharm share price is up 2.5% to $2.94. This medical device company's shares have been on fire this week after the US FDA approved its Technegas product for the diagnosis and management of Pulmonary Embolism in the US market. The approval opens up the single largest market for Technegas globally, and one which the company estimates to be initially worth approximately US$180 million annually.
Dicker Data Ltd (ASX: DDR)
The Dicker Data share price is up almost 2% to $9.75. This appears to have been driven by another broker note out of Morgan Stanley. This morning, the broker retained its overweight rating on the IT distributor's shares with an improved price target of $11.
Fletcher Building Ltd (ASX: FBU)
The Fletcher Building share price is up almost 1.5% to $4.43. This morning, the building products company revealed that it has been assigned an investment grade credit rating from Moody's Investors Service of Baa2 with stable outlook. The company's CFO, Bevan McKenzie, commented: "Obtaining an investment grade credit rating is an important step in respect of our long-term funding strategy which will allow us to further diversify our funding sources."
