Acuity Brands upgraded to Overweight from Equal Weight at Wells Fargo

Wells Fargo analyst Joseph O’Dea upgraded Acuity Brands (AYI) to Overweight from Equal Weight with a price target of $380, up from $320. The firm cites its increased earnings growth expectations for the upgrade. Acuity’s pricing ability should help manage inflationary pressure, offsetting the cost headwinds to earnings, the analyst tells investors in a research note. Moving past short-term demand swings, Wells sees solid ABL growth for the company.