Analysts bumped up price targets on Accenture PLC (NYSE:ACN) following Q1 results.
- Piper Sandler analyst Arvind Ramnani maintained a Neutral and raised the price target from $354 to $433 (8.1% upside).
- Stifel analyst David Grossman raised the price target to $440 from $385 (9.8% upside) and reiterated a Buy.
- Accenture's Q1 results exceeded all metrics, and guidance was increased well above Q1 performance, suggesting outperformance of internal goals.
- Accenture's ability to reskill around change at the global scale facilitates share gains, particularly during periods of accelerating change and heightened perception that technology underlies competitive advantage.
- Deutsche Bank analyst Bryan Keane raised the price target to $440 from $395 and reiterated a Buy.
- The company significantly raised guidance on solid demand.
- Keane sees strong fundamental momentum for Accenture's IT service offerings.
- Argus analyst Jim Kelleher raised the price target to $450 from $400 (12.3% upside) and reiterated a Buy.
- Kelleher cites the Q1 beat and record quarterly bookings and raised outlook.
- Kelleher notes that Accenture has the financial resources, customer presence, and market strength to thrive as companies accelerate digital transformation processes, boosting FY22 GAAP EPS view to $10.71 from $10.17 and FY23 view to $12 from $11.54.
- Price Action: ACN shares traded higher by 0.17% at $400.60 in the premarket session on the last check Friday.
