NEW YORK (AP) -- Shares of C.R. Bard jumped Wednesday after the medical device maker's third-quarter results surpassed Wall Street estimates.
THE SPARK: Bard late Tuesday reported an adjusted profit of $1.50 per share, down from $1.64 per share in last year's quarter but 10 cents above an average of Wall Street estimates. The company said its revenue rose 5 percent to $758 million. According to FactSet, that was about $19 million more than analysts expected.
THE BIG PICTURE: C.R. Bard Inc., which is based in Murray Hill, N.J., is trying to increase revenue growth in part by buying other companies. It recently bought Medafor, which makes a hemostatic agent that helps stop bleeding, and is buying urology products maker Rochester Medical.
THE ANALYSIS: Piper Jaffray analyst Brooks West upgraded the shares to "Overweight" from "Neutral," saying the heart device market has turned a corner and Bard has a major opportunity in treatments for peripheral vascular disease.
West raised his price target to $140 per share from $114.
SHARE ACTION: Bard shares rose $11.06, or 8.7 percent, to $138.02 in afternoon trading and set an all-time high earlier Wednesday of $138.65. The stock is up about 40 percent over the past 12 months.