UPDATE: Jefferies Maintains Hold, Ups PT to $50 on Acuity Brands

Jefferies reiterates its Hold rating on Acuity Brands

and raises its target price from $47 to $50 on solid F1Q12 results. Jefferies states, "In line with our preview on 1/4/2012, AYI reported above consensus F1Q12 results benefiting from strong renovation revenue and LED sales. The stock continues to outperform given the value investors place on good management teams delivering predictable results. Also AYI is rare profitable “energy efficiency” company without exposure to Europe. We maintain our Hold rating waiting for signs of a US construction recovery." AYI closed at $54.94 per share on Monday.