In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.25% to 8,827.1 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are pushing higher:
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Megaport Ltd (ASX: MP1)
The Megaport share price is up 5% to $15.28. This appears to have been driven by a bullish broker note out of Citi this morning. According to the note, the broker has upgraded this network as a service provider's shares to a buy rating with an improved price target of $16.30. The broker sees potential for Megaport to outperform the market's expectations in the coming years.
Suncorp Group Ltd (ASX: SUN)
The Suncorp share price is up 1.5% to $21.17. This gain also appears to have been triggered by a bullish broker note released this morning. According to one out of UBS, its analysts have upgraded the insurance giant's shares to a buy rating with an improved price target of $23.15. UBS believes that the company's innovative reinsurance program will help drive above consensus growth in the near term.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix Pharmaceuticals share price is up a further 4.5% to $14.46. Investors have been buying this radiopharmaceuticals company's shares this week after it revealed that it has reached an agreement with the United States Food and Drug Administration (FDA) regarding the resubmission of its New Drug Application (NDA) for TLX101-CDx (Pixclara). It is an investigational agent for the imaging of glioma, a rare and life-threatening brain cancer. Telix Chief Medical Officer, Dr. David N. Cade, commented: "Telix had multiple options for delivering additional data requested by the FDA in the CRL response. This flexibility has enabled us to work with relative speed to reach a mutually agreed path forward for resubmission of the NDA. We remain steadfastly focused on our goal of bringing this important imaging agent to patients in the U.S. to support improved diagnosis and management of glioma." The company also confirmed its plan to resubmit the NDA during the fourth quarter of 2025.
Westpac Banking Corp (ASX: WBC)
The Westpac share price is up over 1.5% to $38.26. Another broker upgrade appears to have been the driver of this gain. According to a note out of Citi, its analysts have upgraded the banking giant's shares to a neutral rating (from sell) with an improved price target of $36.50 (from $29.75).
