Citi analysts have boosted their rating on Australia’s Beacon Lighting (ASX:BLX) to ‘buy’, up from ‘neutral’, citing positive longer-term growth prospects.

Alongside this upgrade, the price target has been raised to A$2.10 per share, up from A$1.73 a year ago.

With a more positive outlook on the company’s trade business, the brokerage sees the potential for increased sales in fiscal year 2024, propelled by the company’s escalating investment in marketing.

According to Refinitiv data, out of six analysts, the stock has a ‘buy’ rating from three, while the rest hold a ‘neutral’ stance.

The median price target among these analysts stands at A$2.15.

Unfortunately, the stock has seen a decline of 15.5% in value this year as of the last close.

Beacon Lighting is a premier lighting company in Australia, specializing in the design, manufacture, and sale of lighting products and accessories.