UPDATE: Canaccord Genuity Upgrades Acuity Brands (AYI) to Buy

Canaccord Genuity upgraded Acuity Brands (NYSE: AYI) from Hold to Buy with a price target of $172.00 (from $128.00).

"We are upgrading AYI to BUY from Hold as we believe the 2014 inflection in LED as well as the coming rebound in commercial construction will drive significant top-line growth and leverage for Acuity as the leader in North American lighting," said analyst Jonathan Dorsheimer .

"Acuity’s February quarter was below consensus expectations on the weather effects, as we were anticipating; however, we believe that strong year-on-year comps and positive forward-looking commentary overshadowed this softness," he added.

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 $137.75 yesterday.

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