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.