Acuity Brands price target raised to $370 from $315 at Oppenheimer

Oppenheimer analyst Christopher Glynn raised the firm’s price target on Acuity Brands to $370 from $315 and keeps an Outperform rating on the shares. The firm says the company continues to transform the shareholder value-creation proposition, creating further competitive distance in terms of sourcing and productivity and overall analytics, product vitality, and channel partnerships. Continued gross margin strength and modest sales upside drove a solid EPS beat and undergird confidence in FY25 outlook for +8%/4% EPS/sales midpoints, Oppenheimer adds.