Accenture Gets Price Target Bumps By Analysts Following Upbeat Q2 Results

Accenture plc ACN reported better-than-expected Q2 results. The company also disclosed its plan to reduce 19,000 jobs.

ACN reported second-quarter FY23 revenue growth of 5% year-over-year to $15.81 billion, beating the consensus of $15.59 billion. Adjusted EPS of $2.69 beat the consensus of $2.50.

Accenture declared a quarterly cash dividend of $1.12 per share, payable on May 15, 2023, for shareholders of record on Apr. 13, 2023. Accenture now expects revenue growth of 8% - 10% in local currency, compared to 8% - 11% previously.

Accenture shares climbed 7.3% to close at $271.66 on Thursday and lost 1% in today’s pre-market trading session.

These analysts made changes to their price targets on Accenture following the release of results.

• Wells Fargo raised the price target on Accenture from $289 to $294. Wells Fargo analyst Jeff Cantwell maintained an Equal-Weight rating.
• Citigroup increased the price target on Accenture from $300 to $310. Citigroup analyst Ashwin Shirvaikar maintained a Buy rating.
• JP Morgan boosted the price target on Accenture from $311 to $314. JP Morgan analyst Tien-Tsin Huang maintained the stock with an Overweight rating.
• BMO Capital raised the price target on Accenture from $310 to $327. BMO Capital analyst Keith Bachman maintained the stock with a Market Perform rating.

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