Acuity Brands (AYI) Shows Strong Share Price Performance; Oppenheimer Raises Price Target to $265

Oppenheimer reiterated an Outperform rating on Acuity Brands (NYSE: AYI), and raised the price target to $265.00 (from $240.00), following recent strong share price performance. Granular IB conversion draws from the mainstreaming appeal of LED features and increasingly stringent codes for controls driving mass appeal.

Analyst Christopher Glynn commented, "Following recent strong share price performance, we voice confidence that AYI's strong underlying fundamentals appear positioned for continuity based on several drivers. We mentally dichotomize AYI's revenue drivers into the large projects completions cycle and installed base (IB) conversion, but note a range of reinforcing corollary drivers to sustain AYI's mid teens organic volume growth trendline. We further bifurcate our view of the installed base conversion opportunity into the "granular" and the "chunky." By granular, we mean the increasing appeal of LED conversion to the installed base on the benefits of energy efficiency, controllability, and LED's role in connectivity of electrical infrastructure. By chunky, we mean larger scale conversions based on networked applications (wireless and wireline)."

For an analyst ratings summary and ratings history on Acuity Brands click here. For more ratings news on Acuity Brands click here.

Shares of Acuity Brands closed at $230.88 yesterday.

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