The analyst firm raised its 2015 EPS estimates for the audio equipment maker to $5.86 a share from $5.27. Pacific Crest also raised its 2016 EPS estimates for Harman to $7.34 a share from $7.07.
"In a relatively low-growth production environment, Harman grew its infotainment business 17% y/y and $117 million q/q ex-currency, highlighting the power of the connected car secular tailwinds," analyst Brad Erickson wrote. "With only 10% of the q/q increase due to higher production, we think take-rate outperformance will continue to drive sustainable earnings going forward."
Exclusive Report:Jim Cramer's Best Stocks for 2015
TheStreet Ratings team rates HARMAN INTERNATIONAL INDS as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate HARMAN INTERNATIONAL INDS (HAR) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, impressive record of earnings per share growth, compelling growth in net income, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel these strengths outweigh the fact that the company shows weak operating cash flow."
You can view the full analysis from the report here: HAR Ratings Report
HAR data by YCharts