The Brickworks Limited (ASX: BKW) share price has rallied more than 10% in the past month of trade.
At the market close on Thursday, the share was up 2.4% to $20.13 on no news from the company. The S&P/ASX 200 Materials Index (ASX: XMJ) finished down 0.1%.
The share price performance of Brickworks versus the index over the past three months is plotted below.
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What's up with the Brickworks share price?
Brickworks shares began to strengthen from 15 June and have continued in an uptrend ever since.
This is despite the materials sector pushing to its lowest levels in three months.
In that time, numerous macroeconomic events have weighed on financial markets. These range from rising inflation data, rising interest rates, and a strong US dollar.
While there's been no price-sensitive news out of the Brickworks camp since March, other catalysts for share price movement have been at play.
Have broker upgrades bumped up the value?
Noteworthy are four broker upgrades in that time. Three of these affirmed the buy rating for Brickworks, according to Refinitiv Eikon data.
Ord Minnett reiterated its buy rating from earlier in the year, valuing the company at $26 per share.
Meanwhile, Macquarie analysts narrowed their rating to neutral on a $24 per share valuation.
Just 42% of the analysts covering the share rate it as a buy, according to Refinitiv.
However, the consensus price target is $24.74, suggesting a return potential of 24% at last check.
In the past 12 months, the Brickworks share price has fallen 18.7%. It is down 18.5% this year to date.
