Acuity Brands downgraded to Neutral from Outperform at Baird

Baird analyst Timothy Wojs downgraded Acuity Brands to Neutral from Outperform with a price target of $190, down from $200. Fiscal Q1 checks showed broad volume deceleration across sub-verticals, with anecdotes relatively mixed, Wojs tells investors in a research note. The analyst says that while the checks aren’t overly surprising and not suggestive of an imminent cyclical downturn, he thinks decelerating trends combined with weakening early-cycle non-residential indicators could limit multiple expansion for Acuity Brands, capping upside and creating a more range bound near-term setup.