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Cannacord maintains a Hold on Acuity; solid 3Q result, but shares fully valued
Cannacord maintains a Hold rating on Acuity Brands (AYI), raises price target from $78 to $100. "Acuity is one of the highest quality companies in our space and we have no reason to believe their incremental productivity and cost improvements, share gains, etc. will slow. However, near $100 per share we believe that much of the future growth is already priced into the stock", says Cannacord. That said, Cannacord analysts prefer to wait for pullbacks towards economic uncertainty, for example, as an opportunity to become more constructive. Acuity shares have recently hit 52-week highs following an upbeat Q3 profit, and currently trading at $94.09 per share.