Shares of the self-propelling Roomba vacuum cleaner iRobot (IRBT) shifted into higher gear on Friday after analysts at Bank of America Merrill Lynch initiated coverage on the company with a buy rating and a one-year price target of $70.
iRobot stock was up about 2% on Friday trading after BoA's rating call, a welcome change in direction from July, when iRobot warned that the ongoing China-U.S. trade kerfuffle would affect its full-year earnings.
Based in Bedford, Mass., iRobot was founded in 1990 by three members of MIT's Artificial Intelligence Lab, who designed robots for space exploration and military defense.
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