Acuity Brands (AYI) Gets a Buy Rating from Oppenheimer

Oppenheimer analyst Christopher Glynn assigned a Buy rating to Acuity Brands (AYIResearch Report) today and set a price target of $135.00. The company’s shares closed last Tuesday at $98.51.

According to TipRanks.com, Glynn is a 5-star analyst with an average return of 6.1% and a 57.6% success rate. Glynn covers the Industrial Goods sector, focusing on stocks such as Emerson Electric Company, Honeywell International, and Generac Holdings.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Acuity Brands with a $103.80 average price target, which is a 22.9% upside from current levels. In a report issued on June 23, Credit Suisse also assigned a Buy rating to the stock with a $109.00 price target.

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Based on Acuity Brands’ latest earnings release for the quarter ending February 29, the company reported a quarterly revenue of $824 million and net profit of $57.2 million. In comparison, last year the company earned revenue of $854 million and had a net profit of $66.3 million.

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Acuity Brands, Inc. engages in the provision of lighting and building management solutions and services. It caters commercial, institutional, industrial, infrastructure, and residential applications for various markets. It offers luminaires, lighting controls, controllers for various building systems, power supplies, prismatic skylights, and drivers, as well as integrated systems for various indoor and outdoor applications. The company was founded in 2001 and is headquartered in Atlanta, GA.