Accenture Analysts Cut Their Forecasts After Q3 Results

Accenture plc 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.
  • Morgan Stanley lowered the price target from $350 to $340. Morgan Stanley analyst James Faucette maintained Accenture with an Overweight.

 

Read This Next: Smith & Wesson Brands, CarMax And 3 Stocks To Watch Heading Into Friday

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPrice TargetPre-Market OutlookMarketsAnalyst RatingsTrading IdeasPT Changes
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!