Accenture plc (NYSE:ACN) reported better-than-expected earnings for its third quarter.
The company reported third-quarter FY23 revenue growth of 3% year-over-year to $16.57 billion, marginally beating the consensus of $16.56 billion. Adjusted EPS of $3.19 beat the consensus of $3.04.
For FY23, Accenture now expects revenue of $66.52 billion – $67.14 billion (prior $66.52 billion – $67.75 billion) vs consensus $64.41 billion. The company now expects adjusted EPS of $11.52 – $11.63 (prior $11.41 – $11.63) vs consensus $11.63.
Accenture shares fell 1.9% to close at $307.25 on Thursday, and lost 1.1% in pre-market trading.
These analysts made changes to their price targets on Accenture following earnings announcement.
- Piper Sandler slashed the price target on Accenture from $316 to $314. Piper Sandler analyst Arvind Ramnani maintained a Neutral rating.
- TD Cowen cut the price target on Accenture from $325 to $300. TD Cowen analyst Bryan Bergin downgraded the stock from Outperform to Market Perform.
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