Oppenheimer analyst Christopher Glynn maintained a Buy rating on Acuity Brands (NYSE: AYI) yesterday and set a price target of $170. The company’s shares closed yesterday at $150.46.
Glynn observed:
“Following on from our August 8 note, highlighting various pivot characteristics emerging from AYI’s FY3Q results and commentary (Tier 3/4 Atrius-based growth in connected lighting platforms, bullish inventory investment, expanded share buyback capacity, demand response/price transparency resolving at low end), we note favorable signal from a fresh round of price increase announcements among the industry majors. The first round enacted in June focused on legacy (non-LED) product and select LED products, and we believe the new price increases span the majority of the portfolio. We believe the second round of announced price increases signals (1) discipline and stickiness of earlier price increases and (2) a more favorable demand environment emerging. We plausibly anticipate positive net price/mix within a few quarters.”
According to TipRanks.com, Glynn is a 5-star analyst with an average return of 11.6% and a 71.3% success rate. Glynn covers the Industrial Goods sector, focusing on stocks such as Emerson Electric Company, Honeywell International, and Roper Technologies.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Acuity Brands with a $157.33 average price target.
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The company has a one-year high of $186.99 and a one-year low of $109.98. Currently, Acuity Brands has an average volume of 779.5K.
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Acuity Brands, Inc. provides lighting and building management solutions. It specializes in the design, production, and distribution of lighting and building management services for commercial, institutional, industrial, infrastructure, and residential applications for various markets throughout North America and selected international markets.
