Jarden shares jump on upbeat analyst take
Jarden shares after RBC analyst takes bullish position on its stock
Jarden Corp. shares jumped Tuesday after an RBC Capital Markets analyst initiated coverage of the consumer products company with an "Outperform" rating.
Analyst Mik Modi said in a research note that he believes the company has a "best in class management team" and that he expects its earnings will continue to improve in the coming years.
He said the company is trading at a steep discount to its peers and set a $75 price target for the stock.
Jarden, based in Rye, N.Y., is the company behind Crock-Pot, Mr. Coffee, Coleman camping gear and other consumer brands. It completed its $1.75 billion acquisition of Yankee Candle in October, which the analyst said he believes will add to its growth.
Shares of Jarden jumped $1.55 to $61.18 by late afternoon Tuesday. Its stock hit $61.44 earlier in the day, a new all-time trading high for the company.
