Morgan Stanley analyst Christopher Snyder raised the firm’s price target on Acuity Brands (AYI) to $425 from $365 and keeps an Overweight rating on the shares following what the firm describes as “another gross margin driven strong EPS print.” Managment continues to show the market that it has “a much improved business” with much stronger pricing power and an ability to drive margin expansion even in a backdrop of cost inflation and volume declines, the analyst tells investors.
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