Oppenheimer analyst Christopher Glynn notes Acuity Brands' shares remain below levels from over most of the past year, after demand softened in Q1 and generated concerns around nonresidential construction cycle, and also on concerns around prospects for border tax impacts. The analyst would not discount the election cycle dynamic that the company cited as precedent for expectations to resume better volume growth, and continues to view the pullback in the shares as an opportunity given overall "sustainable portfolio execution." He reiterates an Outperform rating and $265 price target on the stock.