Analyst raises Harman price target on 2Q results

(AP) — Shares of electronics maker Harman International Industries Inc. soared to a fresh 52-week high Tuesday after an analyst said its better-than-expected second-quarter results led him to raise his price target for its shares.

Scot Ciccarelli of RBC Capital Markets said in a client note that Harman's cost-cutting has helped its profitability more than he anticipated.

Harman, which is based in Stamford, Conn., and makes speakers, headphones and audio equipment, reported late Monday that it earned a profit in its fiscal second quarter as its revenue grew 24 percent from a year earlier.

Ciccarelli boosted his price target for Harman shares to $45 from $42.

The shares jumped $5.77, or 16.3 percent, to $41.27 in afternoon trading. The stock reached a new 52-week high of $42.06 earlier in the session.