Circor shares jump

Shares of Circor International Inc. spiked today after the valve maker raised its first-quarter outlook, leading a Robert W. Baird analyst to lift his price target and earnings estimates.

Shares for the Burlington company gained $5.37, or 12.2 percent, to $49.32 in late morning trading on the New York Stock Exchange. The stock has ranged from $34.68 to $50.38 over the past year.

Analyst Michael A. Schneider raised his share price target to $49 from $45, noting that on Friday Circor lifted its quarterly guidance to a range 74 cents to 77 cents per share. The company previously forecast income of 54 cents to 58 cents per share.

Circor cited better-than-expected results in its energy and instrumentation and thermal fluid controls segments.

Schneider noted improved efficiency in Circor's core operations and higher oil prices as major drivers for the company. The company has significant exposure to the energy market, he said.

"The strong demand should continue to drive above-average revenue growth in Circor's energy segment in the coming quarters," Schneider said.

The analyst raised his first-quarter profit forecast to 75 cents per share from 48 cents.

On average, analysts polled by Thomson Financial predict a profit of 58 cents per share.

Circor is scheduled to report first-quarter results April 30. (AP)