Roth Capital Cuts PT on Acuity Brands (AYI) to $250 Following Q4 Numbers; Still Sees Tough FY17

October 5, 2016 3:18 PM EDT
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Roth Capital trims its price target on Neutral-rated Acuity Brands (NYSE: AYI) from $275 to $250 following Q4 results released earlier Wednesday.

The firm commented, Acuity posted F4Q16 disappointing results, delivering revenue and adjusted EPS below our estimates by approximately $20m and $0.17, respectively. The company stated revenue was impacted by $25m due to a labor shortage as it took actions to streamline its supply chain.

We see the execution on agency/channel redistribution at Juno and success with recently acquired companies as key factors driving F2017 revenue. The Dec-15 Juno acquisition likely benefits from SKU diversification and channel integration, probably lifting Juno's ~10% share at the time of acquisition closer to Acuity's 19% average by the end of FY17. We expect well above corporate average growth for DG Logik, GeoMetri, Juno, Distech, and ByteLight.

Roth trims its FY17 outlook: revenue from $3.775 billion down to $3.665 billion and EPS from $9.50 down to 6.75.

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



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