Acuity Brands price target lowered to $410 from $425 at Morgan Stanley

Morgan Stanley analyst Christopher Snyder lowered the firm’s price target on Acuity Brands (AYI) to $410 from $425 and keeps an Overweight rating on the shares. While Acuity beat on fiscal Q1 EPS and forward revisions are unchanged, shares traded down 13% as the report featured softer ABL segment margins and brought concern around Q1 pull forward and longer-term pricing power, the analyst tells investors. However, the firm calls the 13% selloff “an attractive entry point.”