Acuity Brands price target lowered to $170 from $175 at Baird

Baird lowered the firm’s price target on Acuity Brands to $170 from $175 and keeps a Neutral rating on the shares. The firm said its checks revealed near-term demand trends modestly weakened versus last quarter. Baird’s base case for F2024 guidance straddles consensus, but respondent’s 2024 expectations point to a wide range of outcomes.