Harman International Industries, Inc. (HAR) Price Target Raised

Analysts at RBC Capital Markets have raised the price target for Harman International Industries, Inc. (NYSE: HAR). The price target has been raised from $42 to $45.

The company has reported results for the second-quarter results, which came in well above analysts’ expectations. The Automotive segment at Harman International has continued a steeper-than-expected rise towards profitability in the second-quarter. The Consumer and Professional segments at Harman International performed in line with analysts’ expectations.

According to analysts, the cost cutting measures undertaken by the company had a greater impact on profitability than their expectations.

Analysts view the shares of Harman International as high risk, but believe that the company’s shares have significant appreciation potential. Analysts have maintained an Outperform rating for Harman International Industries, Inc.