Nomura Instinet analyst Michael Wood downgraded Armstrong World Industries to Neutral while raising his price target for the shares to $76 from $73. The analyst believes investors fully understand Armstrong's share gain opportunity within Architectural Specialties and pricing power in the high-quality, legacy Mineral Fiber segment. Wood adds that potential for positive earnings revisions are now almost fully priced in compared to his "blue sky" upside valuation target of $78-$82 per share. However, cyclical risks, notably within the new commercial construction end market in the company's Architectural Specialties segment, do not appear to be factored in, Wood tells investors in a research note.