Canaccord Genuity Cuts Price Target Following Acuity Brands' (AYI) 4Q Miss
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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."
Shares of Acuity Brands closed at $242.99 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesEarnings, Canaccord Genuity
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