Pexa Group shares rise on Morgans upgrade
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The news: Pexa Group shares lifted on the ASX after Morgans upgraded its rating on the online property settlements company.
The numbers: Pexa shares were up 1.1% to $13.12 by 1:50pm AEDT, extending gains of more than 20% since the turn of the year.
Morgans upgraded its rating on Pexa from 'hold' to 'add', with a target price of $14.61. It said Pexa "represents a quality, defensive technology play" and "a unique piece of Australian financial infrastructure", with the potential to achieve "reasonable success in the UK".
Meanwhile, shares in Computershare (-0.2%) dipped as Morgans downgraded its rating from 'add' to 'hold' with a $34.43 target price. Morgans said the share registry firm company is "well positioned for the next leg of growth" but see the stock as fair value having re-rated.
Morgans said its key 'add' calls in the financial services sector are MA Financial (1.1%), QBE Insurance Group (0.8%), Suncorp Group (0.3%), Challenger (-0.7%) and Tyro Payments (-1.2%).
Financials, up 0.5%, was the second best performing sector as the ASX 200 index added 0.3%.
The source: Morgans research
