The S&P/ASX 200 Index (ASX: XJO) is having a tough start to the week. In afternoon trade on Monday, the benchmark index is down 1.1% to 8,339.3 points.
Four ASX shares that are avoiding the market weakness today are listed below. Here's why they are rising:
Beach Energy Ltd (ASX: BPT)
The Beach Energy share price is up 1.5% to $1.29. Investors have been buying the energy producer's shares following a rise in oil prices on Friday. Traders have been bidding oil prices higher this month in response to supply concerns caused by the conflict in the Middle East. Following today's move, Beach Energy shares are now up almost 20% since this time last month.
Block Inc (ASX: XYZ)
The Block share price is up almost 2% to $84.39. This follows the outperformance of its shares on the NYSE in the United States on Friday night. Unlike many tech stocks, this payments company's shares pushed higher on Wall Street. Last week, analysts at Truist Securities upgraded Block's NYSE shares to a buy rating (from hold) with an improved price target of $77.00 (from $72.00). This equates to a price target of approximately A$109 for its ASX listed shares, which implies potential upside of almost 30% for investors.
Life360 Inc. (ASX: 360)
The Life360 share price is up almost 4% to $18.78. As with Block shares, Life360's shares on Wall Street outperformed on Friday night and are playing catchup on Monday. A number of brokers are likely to be supportive of this buying. For example, last week, Morgan Stanley put an outperform rating and $30.00 price target on its shares. This implies potential upside of approximately 60% for investors from current levels.
Medibank Private Ltd (ASX: MPL)
The Medibank Private share price is up 3% to $4.33. This appears to have been driven by a broker note out of Ord Minnett. According to the note, the broker has retained its accumulate rating on the private health insurer's shares with a $5.10 price target. This suggests that Medibank's shares could rise 18% from current levels. The broker believes that the company is well-placed to benefit from higher interest rates and premium increases.
The post Why Beach Energy, Block, Life360, and Medibank shares are rising today appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in Life360. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Block and Life360. The Motley Fool Australia has positions in and has recommended Life360. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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