In a note to clients, RBC Capital Markets analyst Walter Spracklin said the results were “significantly better than ‘significantly better’.”

“The company exceeded expectations that were already revised higher on Q2; it indicated that the demand environment remains robust into Q3; and it provided material increases to its guidance in virtually all metrics,” Spracklin wrote.

“Combine this with what we view as a significantly undervalued stock that is trading well below peers, and a key potential catalyst to come in the form of the September Investor Day, we continue to see AC as the stock to own in our coverage universe.”

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