Shares of Cypress-based Universal Electronics Inc., a maker of remote controls for home electronics, jumped Thursday after an analyst upgraded the stock.
The stock closed up more than 12% on a recent market value of $285 million.
Deutsche Bank AG’s securities analyst Jonathan Goldberg upgraded Universal’s shares to “buy” from “hold.”
The maker of universal remote controls for home entertainment systems, digital antennas and audio and video accessories has seen an uptick in sales as consumers outfit their homes with high-end entertainment gear.
Earlier this year, Universal Electronics bought part of San Jose’s Zilog Inc., a chipmaker for universal remote controls and other devices, for about $76 million.
The upgrade was a big shot in the arm to Universal’s stock,shares have been trading sideways for the past six months or so and are up 9% since the start of the year.
