Acuity Brands price target raised to $285 from $275 at Wells Fargo

Wells Fargo analyst Joseph O’Dea raised the firm’s price target on Acuity Brands (AYI) to $285 from $275 and keeps an Equal Weight rating on the shares. The firm raised its Q3 adjusted EPS estimate to $4.62 from $4.29 on a more benign price/cost impact resulting in lower revenue and higher gross margin. Wells thinks guidance can be reiterated. It’s near-term positive, the firm says, but bigger picture, uncertainty drag persists.