Acuity Brands (AYI) PT Raised to $250 at Cowen
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Cowen analyst Jeffrey Osborne raised the price target on Acuity Brands (NYSE: AYI) to $250.00 (from $244.00) while maintaining an Outperform rating.
The analyst commented, "Acuity continued to outpace expectations despite a difficult macro environment. Productivity initiatives within the quarter seemingly enabled Acuity to keep gross margin of 41.7% sequentially flat during its weakest seasonal quarter. Underlying demand is still strong but supply constraints continued in F2Q causing continued backlog accumulation."
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