May 24 (Bloomberg) -- Auriga Industries A/S jumped to the highest price in more than four years in Copenhagen after analysts raised share price estimates for the Danish pesticide maker, whose profits have ridden a surge in crop prices.
Auriga rose as much as 3.6 percent to 171.50 kroner, the highest since September 2008. The stock advanced 2.8 percent to 170.10 kroner at 10:53 a.m. in the Danish capital with trading volume at 375 percent of the three-month daily average.
Auriga shares jumped 8.2 percent yesterday when the Lemvig, Denmark-based company reported first-quarter earnings that beat analyst estimates and said high crop prices are supporting demand for its plant protection products. Today, analysts at Nordea Bank AB and Danske Bank A/S raised price estimates on the share, bringing the average 12-month target to 187 kroner, the highest since November 2008, according to data compiled by Bloomberg.
“The report confirmed our view that Auriga is on track to achieving healthy earnings growth,” Dan Kirk Wejse, a Copenhagen-based analyst with Nordea, said in a note.
Wejse increased his price estimate to 190 kroner from 170 kroner and repeated a buy recommendation. Danske raised its target to 210 kroner from 150 kroner and repeated a buy rating, according to a note published by the Copenhagen-based bank.
Auriga said yesterday first-quarter net income jumped 71 percent to 128 million kroner ($22.2 million). That exceeded the average estimate of 87.3 million kroner in a Bloomberg survey of three analysts.
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