Acuity falls after William Blair downgrades on growth concerns
AYI•Acuity Brands shares fell 3.1% after William Blair cut its rating to market perform from outperform, citing sluggish markets, slower customer spending and concerns about higher interest rates weighing on growth.
1. Downgrade cites headwinds
William Blair said project delays, rising costs and labor shortages are hurting market conditions and that Acuity’s recent strong performance may be harder to sustain. Five of eight brokerages rate the stock buy or higher, while three rate it hold; the median price target is $390. The shares were down 14.1% year to date, including the session’s decline.
