Analyst Cuts Profit Estimates For Acuity Brands

HARTFORD, Conn. (AP) — An analyst cut his price target and earnings estimates for lighting equipment maker Acuity Brands Inc. Tuesday, saying delays and cancellations in nonresidential construction are becoming more common due to financing difficulties.

Shares of the Atlanta company slipped in morning trading as the broader market declined.

Analyst Peter Lisnic of Robert W. Baird & Co. Inc. cut his price target to $33 from $38 but maintained his "Outperform" rating.

He also cut his 2009 earnings estimate to $2.90 per share from $3.20 per share and reduced his 2010 estimate to $2.80 per share from $3.45 per share.

Analysts surveyed by Thomson Reuters expect earnings for this year to be $2.96 per share. For 2010, analysts expect earnings to be $2.88 per share.

About two-thirds of 41 domestic lighting distributors that represented lighting-related revenue of at least $81 million last year indicated in a check by Lisnic that lighting sales have declined this year over 2008, he said in a note to investors. Half of those surveyed reported double-digit declines, he said.