Shares of La-Z-Boy (LZB) - Get Report broke a sweat climbing up the charts Friday after an analyst upgrade of the furniture maker.

The stock price of the Michigan-based manufacturer of recliners, sofas and easy chairs shot up 5.33% to $33.20 after Raymond James raised its rating on the stock to outperform from market perform.

Analysts at Raymond James noted it had stopped short giving the stock its highest rating, writing "investors may need to be patient while the market comes to recognize LZB's value."

While noting that the combination of China tariffs and recession fears may "frighten some to the sidelines," analysts at the brokerage firm cited the furniture maker's strong balance sheet with "no funded debt," rising dividends since 2013, and a still "healthy U.S. consumer."

La-Z-Boy recently beat earnings estimates of analysts surveyed by Zacks Investment Research.

The furniture maker reported earnings of 42 cents a share, besting the Zacks estimate of 33 cents a share and up from 39 cents a share during the same period a year ago. That represented an earnings surprise of 27.27%.

"Our results for the quarter demonstrate the strength of the La-Z-Boy brand within today's challenging home furnishings environment, as well as the power of our world-class supply chain," Kurt L. Darrow, La-Z-Boy's chairman, president and CEO, said in a press statement after the company's quarterly earnings release.

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