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Despite declines in major stock market indexes nationally, shares in iRobot Corp. (Nasdaq: IRBT) were up 3 percent as of early afternoon Monday following a ratings upgrade.
The Bedford-based firm, a maker of robots that do everything from vacuum rooms to help crews explore disabled nuclear reactors, received an upgrade to “overweight” from “neutral” by a J.P. Morgan analyst.
The ratings note said the company is on track to grow earnings by 20 percent and revenue by 15 percent through 2014, with wider growth possible depending on U.S. Army adoption of small unmanned ground vehicles such as those made by iRobot.
Even with the increase, to $32.13 as of Monday afternoon, the stock is still down from its recent high of $38.42 on April 26.
The company’s earnings grew 21 percent for the first quarter of 2011 compared to the first quarter a year earlier, while revenue during the same period surged almost 12 percent.
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