Oppenheimer Reiterates Outperform on Acuity Brands (AYI) as Investor Concerns Grow

September 15, 2016 7:16 AM EDT
Get Alerts AYI Hot Sheet
Price: $207.86 +0.68%

Rating Summary:
    14 Buy, 12 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Oppenheimer reiterated an Outperform rating and $295.00 price target on Acuity Brands (NYSE: AYI) as concerns over nonresidential construction grow.

Analyst Christopher Glynn commented, "As concerns over new nonresidential construction gain investor mind-share, we remain comfortable with our Outperform thesis on AYI, as installed base (IB) conversion trends accelerate, specifically on the emergent kicker from demand for digital lighting system networks as backbone for enabling applications around data acquisition. AYI estimates 80/20 new construction/retrofit mix of $2B revenue at time of FY08 cyclical peak, now evolved to a fundamentally changed business profile of ~50/50 mix (OPCO's FY16E revenue of $3.3B). We see disclosure of ramping roll-out from Target/traction with other retailers as lending conviction on visibility to near-term investor expectations, and we believe a palpable pipeline of other large conversions within IB validates thesis of broader mechanical-to-digital conversion of lighting."

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 $258.67 yesterday.

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