Piper Sandler Cuts Accenture Price Target By 17% - Read Why - Accenture (NYSE:ACN)

Piper Sandler analyst Arvind Ramnani maintained Accenture Plc ACN with a Neutral rating and cut the price target from $368 to $305.
ACN's Q3 results were ahead of expectations.
Growth was broad-based across all geographies and industries, he noted. CMT (Communications, Media & Tech) and Products grew 31% in local currency.
He highlighted management's confidence in their capabilities and ability to reshape offerings to address changing client needs and expects the demand environment to stay strong into Q4. However, they have seen impacted industries shifting focus to cost savings initiatives.
Interestingly, ACN raised and narrowed their FY22 local currency growth to 25.5%-26.5% from 24%-26%.
His view on ACN remains unchanged post Q3 results as the near-term dynamics remain healthy.
However, with a persistent weak macro, enterprise spending could slow over the next 6-18 months, as reflected in its below-consensus growth expectations for FY23.
Price Action: ACN shares traded higher by 3.43% at $295.63 on the last check Friday.

Piper Sandler Cuts Accenture Price Target By 17% - Read Why