Deutsche Bank Starts Acuity Brands (AYI) at Buy
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Deutsche Bank initiated coverage on Acuity Brands (NYSE: AYI) with a Buy rating and a price target of $300.
Analyst Vishal Shah said, "The depth of AYI’s product portfolio along with its recent acquisitions provides the company with a unique competitive advantage in the lighting market. AYI is the largest player in the North American lighting market with over 20% market share. We expect market share to grow as the company continues to develop innovative products and grow its core lighting business through LED sales. We expect continued growth driven by 1) rapid growth in the LED segment of the market and AYI’s access to different segments of the lighting market; 2) depth and breadth of AYI’s product portfolio; 3) innovative technology solutions that create opportunity for margin expansion; and 4) focus on being a strong service provider and building relationships with end users."
Shares of Acuity Brands closed at $251.55 yesterday.
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