Nextpower (NXT) Climbs to All-Time High on Earnings Blowout, Rating Upgrade

We recently published 10 Stocks Gaining Double Digits Effortlessly. Nextpower Inc. (NASDAQ:NXT)  was one of the best performers on Wednesday.

Nextpower soared to a new all-time high on Wednesday, thanks to a strong earnings performance and rating upgrades from several analysts.

At intra-day trading, the stock surged to its highest price of $131.59 before trimming gains to end the day just up by 13.28 percent at $119.97 apiece.

In an updated report, Nextpower Inc. (NASDAQ:NXT) said that its net income in the third quarter of the year rose by 12 percent to $131 million from $117 million in the same period a year earlier, while revenues increased by 34 percent to $909 million from $679 million year-on-year.

The strong results encouraged an optimistic outlook for the year, with the company raising its net profit outlook to a range of $525 million to $540 million from $499 million to $529 million previously. Revenues are also targeted at $3.425 billion to $3.5 billion, higher than the $3.275 billion to $3.475 billion previously, while diluted EPS is expected at $3.43 to $3.53, versus $3.26 to $3.46.

In line with the results, Nextpower Inc. (NASDAQ:NXT) announced plans to repurchase $500 million worth of its shares for a period of three years.

In other developments, the company earned higher price targets from investment firms.

KeyBanc was the most bullish, upgrading the stock to $142 and to an “overweight” rating, versus “sector weight” previously.

UBS, for its part, issued a $140 price target, higher by 12 percent than the $125 prior, while maintaining a “buy” recommendation.

Jefferies, on the other hand, raised the stock by 14 percent to $122 from $107, while issuing a “buy” recommendation amid the strong earnings results.

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Disclosure: None. This article is originally published at Insider Monkey.