Wedbush Cuts Price Target on Acuity Brands (AYI), Anticipates Non-Residential Construction Slowdown
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Price: $358.05 -0.48%
Rating Summary:
12 Buy, 16 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 14 | New: 11
Rating Summary:
12 Buy, 16 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 14 | New: 11
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Wedbush is reaffirming its Neutral rating on shares of Acuity Brands (NYSE: AYI) and is cutting its price target from $44 to $30.
The firm is reducing its 2012 estimates as a result of rising probability of a slowdown in the non-residential construction segment. For 2011, Wedbush continues to estimate EPS of $2.48 with $1.766 billion in revenue, but is reducing its 2012 estimates from $2.95 and $1.83 billion to $2.75 and $1.80 billion.
Wedbush highlights that the company may begin experiencing material headwind growth from the anniversary effect of the Stimulus Plan spending.
An analyst at Wedbush comments, "Acquisitions continue to offer a growth opportunity, given Acuity’s ability to send differentiated new products through its mature channel, however, we do not see acquisitions as supportive of a compelling investment case."
For more ratings news on Acuity Brands click here and for the rating history of Acuity Brands click here.
Shares of Acuity Brands closed at $39.08 yesterday.
The firm is reducing its 2012 estimates as a result of rising probability of a slowdown in the non-residential construction segment. For 2011, Wedbush continues to estimate EPS of $2.48 with $1.766 billion in revenue, but is reducing its 2012 estimates from $2.95 and $1.83 billion to $2.75 and $1.80 billion.
Wedbush highlights that the company may begin experiencing material headwind growth from the anniversary effect of the Stimulus Plan spending.
An analyst at Wedbush comments, "Acquisitions continue to offer a growth opportunity, given Acuity’s ability to send differentiated new products through its mature channel, however, we do not see acquisitions as supportive of a compelling investment case."
For more ratings news on Acuity Brands click here and for the rating history of Acuity Brands click here.
Shares of Acuity Brands closed at $39.08 yesterday.
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