- Oppenheimer analyst Christopher Glynn reiterated an Outperform rating on Acuity Brands, Inc. (NYSE:AYI) with a price target of $210.
- The analyst noted that the company would gain from significant structural supply chain improvements, supporting its margins, which will drive further the second half of the fiscal year.
- Strategic pricing and runway on favorable input cost trends are also expected to reinforce further clarity for gross margins.
- The company will also benefit from improving supplier network productivity and data utilization into demand and production, retaining a “meaningful process improvement runway.”
- Volumes into distribution for reselling will continue to see solid growth and sell-through, with a healthy share traction in channel inventory continuing.
- However, quickly normalizing lead times may contribute substantially to slowing orders, resulting in some project-dedicated inventory work-down in the channel.
- The analyst revised FY23E EPS to $13.50 from $13.80 and for FY24 to $11.60 from $14.95.
- Price Action: AYI shares are trading lower by 0.09% at $158.32 on the last check Tuesday.
RBC Capital Downgrades Mondelez International to Sector Perform, Announces $69 Price Target
RBC Capital analyst Nik Modi downgrades Mondelez International (NASDAQ:MDLZ) from Outperform to Sector Perform and announces $69 price target.
