Harman Industries Trading up Nearly 8% on JP Morgan Upgrade

Harman Int’l Industries Inc. (HAR) is surging on heavier than usual volume during today’s trading session. Shares of the maker of audio systems for homes and vehicles jumped more than 8% this morning, after JPMorgan (JPM) upgraded the stock to “overweight” from “neutral.” The brokerage firm cited rising demand for luxury cars in both the U.S. and China, as well as the potential for a wider profit margin.

Technically, today’s volume is strong: nearly 1 million shares by 11:56 a.m. ET vs a daily average volume of  about 786K. HAR, which since early July found support in the $30 region, is trading above its 50-day moving average of $37.22 and above its 200-day moving average of $37.19. Look for these parameters to climb to confirm the ticker’s upward momentum.

HAR currently trades at a trailing P/E of 17.03, a forward multiple of 18.03 and a P/E to growth ratio of 0.82.

The ticker, whose market cap prints at $3.26 billion, gained $3.25, or 7.43 percent, to $46.84 at 12:03 a.m. EST in NYSE trading.

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About Ron Haruni 1070 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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