Wells Fargo analyst Deepa Raghavan lowered his price target for Acuity Brands to $138 from $155, while keeping an Outperform rating on the shares. The analyst says the stock reaction seemed "overdone" as 2020 expectations likely won't get revised lower by 11%. Raghavan agrees the visibility beyond a quarter is not great, but points out that management is focused on growing share and managing costs in 2020 - a prudent move underlined by a better tone on the call versus last quarter where management just talked down forward demand. Looking ahead, he thinks there is favorable risk-reward.