HeartWare International Inc. (NSDQ:HTWR) is up almost 13 percent this morning after Auriga Research reportedly raised its rating for the medical device-maker to “Buy.” The upgrade follows HeartWare forecasting $20 million in fourth-quarter revenues, ahead of both the company’s previous guidance and analyst expectations for $17.1 million in sales.

Auriga raised its 2010 and 2011 earning and revenue estimates, predicting a $2.21-per-share profit on $54 million in revenues last year and a $1.78-per-share gain in 2011 on $101 million in revenues. Auriga also revised its price target for HTWR stock to $101, up from from $97.

The Auriga analysts like HeartWare’s recent regulatory approval for its heart-assist pumps in France, expected to become the second largest European market for the company. The company also bested estimates by installing 150 pumps during the fourth quarter, beating its predictions by 30 pumps.