Acuity Brands Inc. (AYI) stock soared 5.12% in intraday trading on Tuesday, outperforming the broader market. This surge can be attributed to a positive analyst action from Morgan Stanley, which upgraded the stock to "Overweight" from "Equal Weight" and significantly raised its price target.
In a research note, Morgan Stanley analyst Christopher Snyder upgraded Acuity Brands to "Overweight" and increased the price target to $370 from $304 previously. The analyst cited strong growth prospects and potential market re-rating following Acuity's recent acquisition of QSC.
Morgan Stanley's bullish stance on Acuity Brands reflects confidence in the company's ability to leverage its expanded product portfolio and capitalize on emerging opportunities in the lighting and building management solutions market. This positive sentiment from a prominent Wall Street firm fueled investor interest in the stock, driving up its price significantly during Tuesday's trading session.
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