Analysts Slash Accenture’s Price Targets Over Softer Booking Potential, Guidance & Economic Weakness

Accenture plc (NYSE:ACN) clocked 15% revenue growth in Q4. It launched additional buyback and boosted the dividend. BMO Capital analyst Keith Bachman…
  • Accenture plc (NYSE:ACN) clocked 15% revenue growth in Q4. It launched additional buyback and boosted the dividend.
  • BMO Capital analyst Keith Bachman lowered the price target on Accenture to $312 from $315 and kept a Market Perform. 
  • Though the company delivered another “solid” quarter and guided FY23 revenue growth, he remained concerned with Accenture’s bookings potential in FY23 on a tough compare and in a weaker economy. 
  • He saw the management forecast book-to-bill ratio above parity but found that it still leaves room for uncertainty and could keep the stock range-bound.
  • Citi analyst Ashwin Shirvaikar lowered the price target on Accenture to $305 from $315 and kept a Buy. 
  • Accenture did well with its Q4 earnings and fiscal 2023 comments. 
  • He acknowledged a “phase change” from the frenetic pace of post-pandemic digital transformation to a period where the need is accepted (also irreversible). However, cyclical concerns are tempering decision-making. 
  • The analyst looks for caution across the sector in calendar Q4 but says this could favor Accenture in relative terms.
  • RBC Capital analyst Daniel Perlin lowered the price target on Accenture to $335 from $357 but kept an Outperform.
  • The company’s Q4 results were “solid.”
  • However, his price target cut reflects the management’s potentially “conservative” FY23 guidance and FX headwinds. 
  • Price Action: ACN shares traded lower by 1.46% at $258.48 on the last check Friday.
  • Photo Via Company
Total
0
Shares
Related Posts
Read More

Hennessy Capital Investment Corp V Shares Up 4.7%; Co Earlier Reported In 8K Filing Co Entered Into Into Warrant Agreement Allowing Amazon To Own Up To 20% Of Co’s M&A Partner PlusAI On Fully Diluted Basis

PlusAI, Inc., a wholly-owned subsidiary of Plus (“PlusAI”), entered into a master purchase agreement effective January 27, 2021 and an initial work order effective January 27, 2021 (collectively, the

AMZN