In a report released yesterday, Christopher Glynn from Oppenheimer maintained a Buy rating on Acuity Brands (AYI), with a price target of $160. The company’s shares closed yesterday at $118.81.
Glynn said:
“We believe observable metrics’ comparisons (GM, SD&A) and related real time drivers (incremental price realization) now foster a credible argument that OM could stabilize from here and potentially support a flattish y-o-y OM result in F2Q. So, the setup is constructive on a somewhat simplistic level, but we also note that likely continued price deflation in some product categories and applications along with mix (higher growth from more standard product to large enterprise customers) probably remain offsetting factors to gate pace of resetting the OM baseline. But offsets could well be manageable, considering sequential GM improvement in F1Q19 (vs. F4Q18) and expectation of incremental price realization ongoing, limiting speculative aspect around near-term risk (compared to recent quarters).”
According to TipRanks.com, Glynn is a 4-star analyst with an average return of 5.9% and a 57.9% success rate. Glynn covers the Industrial Goods sector, focusing on stocks such as Emerson Electric Company, Honeywell International, and Roper Technologies.
Currently, the analyst consensus on Acuity Brands is a Moderate Buy with an average price target of $144.17, a 21.3% upside from current levels. In a report released yesterday, Wells Fargo also maintained a Buy rating on the stock.
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Acuity Brands’ market cap is currently $4.74B and has a P/E ratio of 13.48. The company has a Price to Book ratio of 2.70.
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Acuity Brands, Inc. engages in the provision of lighting and building management solutions and services. It caters commercial, institutional, industrial, infrastructure, and residential applications for various markets.
