Oppenheimer Reports Solid FY3Q On Acuity Brands

According to Oppenheimer, Acuity Brands AYI shares have taken a particularly notable hit. Oppenheimer said that the shares are down over 4% Wednesday on heavy volume and traded down as much as 4% Thursday before finishing flat on the day, in what appeared to be a reaction to Philips Electronics' (PHG, $23.54, NR) negative pre-announcement. “We maintain our Perform rating currently, on relative valuation, but view shares as a solid long-term investment, with outsized long-term earnings growth prospects on a return to normalized incremental margins.” Acuity Brands closed yesterday at $55.38.