AYI - Acuity Brands downgraded to Sell at CFRA on softer demand outlook
2023-10-04 14:07:03 ET
Acuity Brands ( NYSE: AYI ) on Wednesday was downgraded to Sell from a previous investment rating of Hold by analysts at research firm CFRA. They said the maker of lighting and building-management equipment faces slower sales and smaller profit in 2024 amid weakening demand.
“There is limited upside amid the current environment, and we don't see EPS surpassing fiscal 2023 levels until fiscal 2026,” Jonathan Sakraida, analyst at CFRA, said in an October 4 note.
CFRA cut its price target on Acuity ( AYI ) to $174 a share from $182 a share, which is 12.5 times estimated EPS for 2025.
Acuity’s ( AYI ) stock on Wednesday rose as much as 7.5% after the company reported adjusted earnings that beat Wall Street’s consensus estimate.
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Acuity Brands downgraded to Sell at CFRA on softer demand outlook