Out of the Gate: Airgas shares open higher on earnings

The stock soared $6.58, or 13.4 percent, to $55.68 after climbing as high as $56.42 earlier in the session.

Buckingham Research analyst John E. Roberts raised his price target on the stock by $1 to $61 in a note to investors Tuesday. He said the company's better results were due largely to 18 acquisitions during the quarter, including one that was the largest in company history.

"Airgas has made over 300 acquisitions in its 20-plus year history as it consolidates the U.S. distribution market for oxygen, nitrogen and other industrial gases," he wrote.

Separately, Oppenheimer analyst Edward Yang raised his price target by $6 to $62 and reiterated his "Outperform" rating on Airgas.

Yang said he expected the stock to rise on Tuesday, performing even better if the U.S. dollar stabilizes, because the company lacks significant international exposure.

After the end of trading Monday, the Radnor, Pa., company said its fourth-quarter earnings rose 47 percent to 76 cents per share. Analysts polled by Thomson Financial predicted a profit of 73 cents per share.

(This version CORRECTS company name in headline, first paragraph.)