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.

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