NEW YORK (AP) - Shares of Universal Electronics Inc. jumped Monday after an analyst upgraded the stock and forecast strong growth for the remote-control maker.
Universal Electronics shares rose $3.27, or 10.2 percent, to $35.42 at midday. The stock has traded from $16.21 to $34.57 over the past year.
Cypress, Calif.-based Universal Electronics makes pre-programmed universal remote controls for consumer electronics manufacturers and cable and satellite providers, and also sells its products directly to consumers.
WR Hambrecht analyst Matthew Kather upgraded the stock to "Buy" from "Hold" because he expects overall industry trends and new product introductions will help the company maintain "solid" earnings results in the coming quarters.
The analyst forecast strong growth potential from cable and satellite providers, both domestically and overseas.
"We have greater confidence that the opportunities in Asia for (Universal Electronics) will likely begin to accelerate quicker than most people currently expect," he wrote.
Earlier this month, the company settled a patent infringement case with RTI, a maker of home theater control products, for undisclosed terms.
