Shares in Keller Group PLC (LSE:KLR) jumped 16% to 3,108p on Tuesday after the ground engineering company said profits would come in materially ahead of expectations.
The gains followed an unscheduled trading update pointing to stronger-than-forecast performance, driven largely by North America.
Two brokers responded by lifting their target prices, though both remained below Tuesday's share price after the sharp move higher.
Peel Hunt, which rates the stock a 'buy', raised its target to 2,910p from 2,430p.
Panmure Liberum, also a 'buyer', lifted its target to 2,819p from 2,600p.
Both brokers pointed to accelerating momentum in North America as the key driver.
Peel said the strength lay particularly in infrastructure and data centre projects.
Panmure said the region had benefited from record volumes, again citing infrastructure work and data centres, despite weakness in Miami foundations.
That strength offset softer areas elsewhere.
Residential activity remained subdued, according to Peel Hunt, while southern Florida, one of the group's larger markets, was also quiet.
Europe and the Middle East delivered robust activity overall, with growth in Scandinavia, central Europe and the Middle East countering softer conditions in western Europe.
The Asia-Pacific region performed in line with expectations, with some growth in Australia, though pricing in the Australian foundations market acted as a dampener.
Both brokers raised their earnings forecasts by 8% for the current financial year.
Peel applied the same increase for the following two financial years, underpinned by revenue increases of 2% to 3%.
Panmure also lifted its forecast for the following year by 8% and noted the order book stood at around £1.9 billion with buoyant tendering.
The broker said the shares looked too cheap, trading on a forward earnings multiple it viewed as undemanding given the momentum.
Peel said cash flow and the balance sheet remained strong.
Keller specialises in ground engineering, the work carried out to strengthen foundations before construction begins.
