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Acuity Brands price target raised to $365 from $335 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Acuity Brands (AYI) to $365 from $335 and keeps an Overweight rating on the shares. Management has “delivered on all fronts operationally” and is now showing impressive M&A integration, turning Acuity into a higher-growth and more-durable business, the analyst contends. While the market has refused to re-rate the multiple due to over-earning concerns on elevated gross margins, the firm thinks these concerns will be disproved in the coming quarters, the analyst added.

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