Acuity Brands’ Review by Oppenheimer 
<p>Oppenheimer analysts provided a company update on <a href='https://financialmodelingprep.com/financial-summary/AYI'>Acuity Brands, Inc. (NYSE:AYI)</a>, reiterating their outperform rating and $210 price target on the company’s shares.</p>
<p>The company has built abnormal levels of backlog/inventory and delivered exceptionally well in Q3, alleviating some past due as components inventory and timing converged favorably. Notwithstanding the step-out level of Q3 sales, the backlog was relatively unchanged.</p> 
<p>Despite some supply chain frictions improving and nice Q3 WIP inventory converting to finished goods and out the door, shortages continue hanging around. </p>
<p>Considering the relative scale of the company’s Q3 sales and slower summer construction indicators, the analysts see Q3 performance as above trend. The analysts are now basing Q4 estimates less relative to that and viewing H1 as more trend-informative (Q1/Q2 each delivered revenue/EPS beats followed by upward estimate revisions). For Q4, the analysts adjusted their EPS estimate to $3.52 from $3.70.</p>

NYSE:AYI