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These Analysts Slash Their Forecasts On Accenture After Q3 Results

Published 21/06/2024, 19:21
© Reuters. These Analysts Slash Their Forecasts On Accenture After Q3 Results
ACN
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Benzinga - by Avi Kapoor, Benzinga Staff Writer.

Accenture Plc (NYSE:ACN) reported downbeat third-quarter earnings results on Thursday.

The company posted sales of $16.47 billion compared with the analyst consensus of $16.55 billion, down 1% Y/Y in U.S. dollars and up by 1.4% in local currency. Revenues were slightly above the midpoint of the company’s guided range of $16.10 billion – $16.70 billion. Adjusted EPS of $3.13 missed the analyst consensus of $3.15, according to data from Benzinga Pro.

Julie Sweet, chair and CEO, Accenture, said, "We also achieved two significant milestones this quarter — with $2 billion in Generative AI sales year-to-date and $500 million in revenue year-to-date — which demonstrate our early lead in this critical technology. All of this while investing at scale in our business with another 35 acquisitions or $5.2 billion of capital deployed year-to-date."

Accenture said it expects fourth-quarter revenues of $16.05 billion – $16.65 billion (versus consensus of $16.56 billion). Accenture sees fiscal 2024 adjusted EPS of $11.85 – $12.00 (prior $11.97 – $12.20) versus consensus of $12.10. For fiscal 2024, the company expects revenue growth of 1.5% – 2.5% (prior 1% – 3%) in local currency vs. $65.23 billion consensus.

Accenture shares gained 1% to trade at $309.13 on Friday.

These analysts made changes to their price targets on Accenture after the company reported quarterly results.

  • BMO Capital cut the price target on Accenture from $375 to $350. BMO Capital analyst Keith Bachman maintained a Market Perform rating.
  • Susquehanna lowered Accenture price target from $360 to $350. Susquehanna analyst James Friedman maintained a Neutral rating.
  • TD Cowen cut the price target on Accenture from $294 to $293. TD Cowen analyst Bryan Bergin maintained a Hold rating.
Read More: Wall Street’s Most Accurate Analysts Spotlight On 3 Tech And Telecom Stocks Delivering High-Dividend Yields

Latest Ratings for ACN

DateFirmActionFromTo
Mar 2022Goldman SachsMaintainsNeutral
Jan 2022Goldman SachsInitiates Coverage OnNeutral
Dec 2021BarclaysMaintainsOverweight
View More Analyst Ratings for ACN

View the Latest Analyst Ratings

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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