UPDATE - Canaccord Genuity Upgraded Acuity Brands (AYI) to Buy; Opportunity Warrants Continued Valuation Premium
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Price: $343.10 +0.42%
Rating Summary:
12 Buy, 16 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
12 Buy, 16 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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UPDATE - Canaccord Genuity upgraded Acuity Brands (NYSE: AYI) from Hold to Buy. PT increased from $56 to $71.
Canaccord analyst, Jonathan Dorsheimer, said, "We believe AYI shares are the most obvious beneficiary to the pull-in of the SSL opportunity. As a result, we are upgrading the shares to BUY, as we conclude a premium valuation for channel access and revenue acceleration is warranted."
"We conclude the non-residential construction market has reached or is nearing a bottom. This leads us to believe that there is more upside potential than downside risk as the market returns, spurring demand for new and retrofit lighting activity in the company’s traditional businesses."
"We are now modeling $1,753.1M and $2.51 for F2011 and $1,908.2M and $3.42 for F2012."
To see all upgrades/downgrades on shares of AYI, visit our Analyst Ratings page.
Canaccord analyst, Jonathan Dorsheimer, said, "We believe AYI shares are the most obvious beneficiary to the pull-in of the SSL opportunity. As a result, we are upgrading the shares to BUY, as we conclude a premium valuation for channel access and revenue acceleration is warranted."
"We conclude the non-residential construction market has reached or is nearing a bottom. This leads us to believe that there is more upside potential than downside risk as the market returns, spurring demand for new and retrofit lighting activity in the company’s traditional businesses."
"We are now modeling $1,753.1M and $2.51 for F2011 and $1,908.2M and $3.42 for F2012."
To see all upgrades/downgrades on shares of AYI, visit our Analyst Ratings page.
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