Shares of scientific instrument maker Keysight Technologies (KEYS) - Get Report  were rising more than 10% Thursday to $98.68 after the company topped analysts' third-quarter earnings and revenue estimates and received an upgrade from analysts at Baird. 

The Santa Rosa, California-based company reported third-quarter earnings of $1.25 a share on revenue that increased 8% to $1.09 billion. Analysts were expecting the company to report earnings of $1.02 a share on revenue of $1.05 billion. 

"Record third-quarter revenue was driven by growth across the majority of our end markets as we continued to capture a significant portion of the demand we see in the marketplace," said CEO Ron Nersesian. "Given our differentiated portfolio of solutions, software and services and broad market reach, we believe we are well-positioned to continue to expand our leadership even as our markets evolve."

Analysts from Baird upgraded the stock to outperform from neutral and also raised their price target to $100 from $82.

TST Recommends

"Upgrading to Outperform as we are buyers for the multi-year deployments of nextgen technologies in Communications and Automotive applications, supported by KEYS' strong first-mover competitive (technology) position and execution," said analyst Richard Eastman.

"While we acknowledge trade-related impacts on the macro-economy remain risks, our concerns re: Huawei restrictions and related knock-on effects through the tech supply chain have turned out (thus far) to be less restraining to KEYS' growth (esp. in China, 2Q/3Q both +DD%) than our (and the tech industry's) initial calculation."