Thomas & Betts Shares Jump After Upgrade

NEW YORK (AP) — Shares of Thomas & Betts Corp. rose Tuesday after an analyst upgraded the maker of electrical components, saying the stock is attractively priced.

Robert Cornell of Barclays Capital Markets raised his rating on the Memphis, Tenn.-based company to "Overweight" from "Equal Weight" and increased his price target to $43 from $24.

"We believe Thomas & Betts is undervalued following the substantial underperformance of the stock, down 1.2 percent since July 21, 2009, versus the Standard & Poor's 500 gain of 10 percent," he wrote in a client note.

Cornell also said the company is managing well through the economic downturn.

"Despite sharp volume drops, management's cost cutting efforts delivered company margins above our estimates."

In afternoon trading, the stock rose $1.68, or 5.9 percent, to $30.16. The stock has ranged from $15.79 to $40.33 over the past year.