Kaufman Cuts Price Target on Acuity Brands (AYI) Ahead of Q4 Earnings
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Price: $349.16 +1.03%
Rating Summary:
12 Buy, 16 Hold, 1 Sell
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Today's Overall Ratings:
Up: 11 | Down: 9 | New: 13
Rating Summary:
12 Buy, 16 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 9 | New: 13
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Kaufman Bros. is reaffirming its Hold rating on shares of Acuity Brands (NYSE: AYI) while lowering its price target from $52 to $40.
The company plans to release its fourth quarter results on October 5 ahead of the opening bell with a conference scheduled later that day at 10:00am ET.
The firm estimates revenue $485 million in revenue for the quarter, slightly above the $482 million consensus. For fiscal 2011, Kaufman forecasts $1.8 billion in revenue. The company has been benefiting from raised prices in the beginning of the year and will begin benefiting from lower commodity costs. Earning for the quarter are expected to be $0.79 per share and $2.42 for the year.
For 2012, the Kaufman estimates that revenue growth will sow to 8 percent doesn't not anticipate "any any meaningful pick-up in Acuity's sales until its end markets recover." An analyst at Kaufman comments, "We believe this negative impact will only be partially offset by growth in the renovation and LED lighting markets. That said, as LED bulb prices continue to decline throughout the upcoming year, we should see increasing demand for AYI's lighting solutions products."
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 $33.97 yesterday.
The company plans to release its fourth quarter results on October 5 ahead of the opening bell with a conference scheduled later that day at 10:00am ET.
The firm estimates revenue $485 million in revenue for the quarter, slightly above the $482 million consensus. For fiscal 2011, Kaufman forecasts $1.8 billion in revenue. The company has been benefiting from raised prices in the beginning of the year and will begin benefiting from lower commodity costs. Earning for the quarter are expected to be $0.79 per share and $2.42 for the year.
For 2012, the Kaufman estimates that revenue growth will sow to 8 percent doesn't not anticipate "any any meaningful pick-up in Acuity's sales until its end markets recover." An analyst at Kaufman comments, "We believe this negative impact will only be partially offset by growth in the renovation and LED lighting markets. That said, as LED bulb prices continue to decline throughout the upcoming year, we should see increasing demand for AYI's lighting solutions products."
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 $33.97 yesterday.
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