Stifel Reiterates Buy, Raises PT On Acuity Brands On F2Q15 Preview

In a report published Monday, Stifel analyst Sven Eenmaa reiterated a Buy rating on Acuity Brands, Inc. (NYSE: AYI), and raised the price target from $185.00 to $188.00.

In the report, Stifel noted, "Acuity is scheduled to report its February quarter (F2Q15) results on April 1 before the market open with a conference call at 10am (dial-in: 312-470-7172). We expect a solid quarter in a broadly favorable U.S. non-residential construction (ex-oil and gas) environment, which provides tailwinds for lighting spend and LED lighting adoption under favorable component cost conditions. While the tough February weather in the Northeast and Midwest could have potentially affected the timing of some of the work, it is unclear to us whether there is material impact on Acuity, which in any case will be temporary in our view. We see the current construction cycle momentum supporting our above consensus estimates for F2H15, and we are modestly raising our FY16/FY17 estimates that lead us to raise our target price from $185 to $188."

Acuity Brands closed on Friday at $168.00.