Canaccord Genuity Cuts Price Target Following Acuity Brands' (AYI) 4Q Miss
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
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."
Shares of Acuity Brands closed at $242.99 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Brean Capital Cuts Price Target on G-III Apparel Group (GIII) Following 3Q Miss
- Shopify (SHOP): CFO Meetings Indicate Strong Growth Ahead - Wedbush
- Jefferies Raises Price Target on Ulta Salon (ULTA) to $270; Reiterates Hold
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesEarnings, Canaccord Genuity
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!