These Analysts Revise Their Forecasts On Accenture After Q2 Results

Accenture Plc ACN reported mixed results for its fiscal second quarter on Thursday.

Accenture reported second-quarter fiscal 2024 sales of $15.80 billion compared with the consensus of $15.84 billion, flat Y/Y in U.S. dollars and local currency. Revenues were slightly above the midpoint of the company’s guided range of $15.40 billion – $16.00 billion. Adjusted EPS of $2.77 beat the consensus of $2.66, according to data from Benzinga Pro.

Accenture expects third-quarter revenues of $16.25 billion – $16.85 billion (versus consensus of $17.01 billion), or negative (1)% – positive 3% in local currency, reflecting the company’s assumption of a negative (1)% foreign-exchange impact compared with the third quarter of fiscal 2023.

Accenture expects fiscal 2024 adjusted EPS of $11.97 – $12.20 (prior $11.97 – $12.32) versus consensus of $12.24. For fiscal 2024, the company expects revenue growth of 1% – 3% (prior 2% – 5%) in local currency vs. $66.18 billion consensus.

For fiscal 2024, the company continues to expect operating cash flow of $9.3 billion – $9.9 billion and free cash flow of $8.7 billion – $9.3 billion.

Accenture shares fell 2.2% to trade at $337.39 on Friday.

These analysts made changes to their price targets on Accenture following earnings announcement.

  • Mizuho cut the price target on Accenture from $426 to $398. Mizuho analyst Dan Dolev reiterated a Buy rating.
  • RBC Capital raised the price target on Accenture from $374 to $381. RBC Capital analyst Daniel Perlin maintained an Outperform rating.
  • TD Cowen cut the price target on Accenture from $363 to $350. TD Cowen analyst Bryan Bergin maintained a Market Perform rating.
  • Morgan Stanley cut the price target on Accenture from $417 to $400. Morgan Stanley analyst James Faucette maintained an Overweight rating.
  • BMO Capital slashed the price target on Accenture from $385 to $375. BMO Capital analyst Keith Bachman maintained a Market Perform rating.
  • Citigroup lowered the price target on Accenture from $430 to $400. Citigroup analyst Ashwin Shirvaikar maintained a Buy rating.

Read Next: Insiders Buying Lee Enterprises And 2 Other Stocks

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 TargetMarketsAnalyst 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!