Northland Capital Markets raised estimates and its price target on Acuity Brands (NYSE: AYI) to $179.00 (from $138.00) but stopped short of upgrading the stock and maintained a Market Perform rating.

Analyst Colin Rusch commented, "AYI continues to execute on its strategy to migrate from a lighting company into a controls and lighting story. We continue to believe that the AYI is positioned for strong multi-year growth and margin expansion, but struggle with valuation. PT increased from $138 to $179 based on 25x our FT16E EPS of $7.14."

The firm raised FY 2015 EPS from $5.52 to $5.50.

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 $168.09 yesterday.