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Fly News Breaks for October 6, 2016
AYI
Oct 6, 2016 | 07:59 EDT
Cowen analyst Jeffrey Osborne noted Acuity Brands' quarterly results missed on both earnings and revenues, which was primarily due to a labor shortage caused by a shift in production facilities. Management believes it was a short-term issue and unlikely to impact Q1 results, Osborne said. The analyst believes the growth story remains intact and would use the share weakness as a buying opportunity. Osborne reiterated his Outperform rating and $285 price target on Acuity Brands shares.
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