(Corrects to say stock move was a gain in second paragraph.)
Aug. 6 (Bloomberg) -- Caesarstone Sdot Yam Ltd., the Israeli maker of quartz countertops, jumped in New York after issuing a new full-year sales estimate that surpassed analysts’ projections.
Shares of Caesarstone surged 11 percent to $48.76, the biggest advance since Feb. 12. The stock had tumbled 28 percent from a March high to yesterday. Trading volume was four times the 90-day average, data compiled by Bloomberg show. Caesarstone was the best performer on the Bloomberg Israel-US Equity index, which fell 0.2 percent to 116.43.
Sdot Yam, Israel-based Caesarstone raised its annual revenue forecast to between $435 million and $445 million, above the $428.5 million average of four analyst estimates collated by Bloomberg. Second-quarter adjusted earnings also surpassed projections. The company will benefit from increased manufacturing capacity in a growing market, JPMorgan Chase & Co. analysts said in a note.
“We maintain our overweight rating, as we believe the company, as a global leader in the rapidly expanding quartz countertop market, is well positioned to benefit from the category’s increased penetration over the next several years,” analysts led by Michael Rehaut wrote.
Rehaut has the equivalent of a buy recommendation on the shares and a price estimate of $60 that implies a 23 percent advance from today’s closing level.
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