Acuity Brands downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo analyst Joseph O’Dea downgraded Acuity Brands to Equal Weight from Overweight with a price target of $260, down from $295. The analyst says capital deployment and non residential demand uncertainties are two key overhangs that will make it too difficult to argue for multiple expansion at this juncture. Concerns were growing and Acuity’s fiscal Q3 revenue miss appeared to validate concerns, the analyst tells investors in a research note. Wells now sees diminished likelihood of multiple expansion for the shares.