Jefferies Raises Price Target on Acuity Brands (AYI), Sees Inline Q1 Results
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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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Jefferies is maintaining its Hold rating on shares of Acuity Brands (NYSE: AYI) while raising its price target from $38 to $47.
The firm believes the company will post its first quarter results inline or slightly better. The solid earnings will be driven by continued growth in lighting efficiency retrofits and some stability in construction.
To go inline with the current market conditions and its new outlook, Jefferies has tweaked its FY12 and FY13 EPS estimates from $2.85 and $3.06 to $2.81 and $3.23. The firm also tweaked its sales estimates for FY12 and FY13 to $1.9 billion and $2.02 billion.
An analyst at Jefferies comments, "Our lighting industry checks confirmed stable market conditions and anaemic new construction spending for lighting. However the retrofit/renovation market remains healthy which is driving efficient lighting adoptions where AYI dominates. In particular we are seeing continued growth in LEDs and efficiency/controls."
Shares of AYI have outperformed their peers as 98 percent of the company's total sales are derived from North America.
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 $53.01 yesterday.
The firm believes the company will post its first quarter results inline or slightly better. The solid earnings will be driven by continued growth in lighting efficiency retrofits and some stability in construction.
To go inline with the current market conditions and its new outlook, Jefferies has tweaked its FY12 and FY13 EPS estimates from $2.85 and $3.06 to $2.81 and $3.23. The firm also tweaked its sales estimates for FY12 and FY13 to $1.9 billion and $2.02 billion.
An analyst at Jefferies comments, "Our lighting industry checks confirmed stable market conditions and anaemic new construction spending for lighting. However the retrofit/renovation market remains healthy which is driving efficient lighting adoptions where AYI dominates. In particular we are seeing continued growth in LEDs and efficiency/controls."
Shares of AYI have outperformed their peers as 98 percent of the company's total sales are derived from North America.
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 $53.01 yesterday.
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