Canaccord Genuity Cuts Price Target Following Acuity Brands' (AYI) 4Q Miss

October 6, 2016 11:27 AM EDT
Get Alerts AYI Hot Sheet
Price: $239.83 -0.96%

Rating Summary:
    11 Buy, 13 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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Canaccord Genuity maintained a Buy rating on Acuity Brands (NYSE: AYI), and cut the price target to $286.00 (from $305.00), following the company's 4Q earnings report. Revenues were $925.5M compared to the consensus estimate of $946.5M. EPS of $2.21 came in below the consensus of $2.40. Canaccord believes that this unusual miss appears to be a rare operational stumble and would use the recent weakness to begin and add to positions.

Analyst John Quealy commented, "Acuity continues to set the pace for aggressive growth and platform expansion across the broader lighting and energy efficiency marketplace. Longer term, the company’s tiered solutions sales (enabling building automation systems and IoT capabilities) are expected to grow at a rate similar to that of the company's LED & controls sales, which could result in notable upside and possible valuation multiple re-rating."

For an analyst ratings summary and ratings history on Acuity Brands click here. For more ratings news on Acuity Brands click here.

Shares of Acuity Brands closed at $242.99 yesterday.

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