BUZZ - Acuity shares drop due to growth concerns after William Blair downgrades rating

September 28 - ** Lighting product manufacturer Acuity Brands AYI.N shares fell 3.1%, closing at $309

** Brokerage firm William Blair downgraded the stock from “Outperform” to “Market Perform”, citing a weak market environment, slowing customer spending, and concerns that rising interest rates could weigh on the company's growth outlook

** The firm stated that market conditions remain sluggish due to project delays, rising costs, and labor shortages; given all these headwinds, the company’s recent strong performance may be difficult to sustain

** Five out of eight brokerages rate the stock as “Buy” or higher, with three rating it as “Hold”; the median target price is $390, according to Reuters compiled data

** Including the decline for the day, the stock is down 14.1% year to date

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