Jarden rises as analyst upgrades following 3Q

NEW YORK - Shares of Jarden Corp., which makes Sunbeam appliances and Coleman outdoor gear, rose on Friday after it posted a higher third-quarter profit and an analyst upgraded the stock, expecting its brands to gain market share.

Shares of Jarden advanced $1.14, or 7 percent, to $17.49.

On Thursday, Jarden said third-quarter profit more than doubled on strong sales of household products and outdoor equipment. The company said its brands were relevant to consumers in tough economic times because consumers are spending more time at home.

"We have often said that the more time consumers spend in and around the home the better it is for many of our businesses and we experienced this particularly in our Ball fresh preserving business, First Alert safety systems, Coleman outdoor equipment and in the FoodSaver appliance category in the third quarter," Chief Executive Martin E. Franklin said in a statement.

Goldman Sachs analyst Christopher Agnew upgraded the stock to "Buy" from "Neutral" and said expectations are very low, as reflected in the stock price. In the last month, shares have declined 30.3 percent.

However, Agnew said Jarden's third quarter showed that the company can perform in a difficult economy because it is connected to retailers that are gaining market share, such as mass and club retailers.

Agnew also said the company will benefit from new product launches and consumers trading down to cheaper products.

Agnew trimmed his price target by $3 to $22, implying upside of 34.6 percent to Thursday's closing price of $16.35.

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