Accenture (ACN) announced that it has completed the buyout of umlaut, an engineering consulting and services firm, to strengthen its Industry X capabilities. The terms of the acquisition have not been disclosed so far. The deal was announced in June 2021.
With this deal, Accenture will be able to bolster deep engineering capabilities and support its clients in using digital technologies like cloud, artificial intelligence and 5G to transform how they design, engineer and manufacture their products. (See Accenture stock charts on TipRanks)
Also, more than 4,200 industry-leading engineers and consultants across 17 countries have been added to Accenture’s Industry X unit. Further, Accenture’s services and capabilities have been expanded to the automotive, aerospace and defense, telecommunications, energy and utilities industries.
Last month, Barclays analyst Ramsey El-Assal reiterated a Buy rating on the stock and raised the price target to $384 from $335 (13.8% upside potential).
Overall, the rest of the Street is bullish on the stock and has a Strong Buy consensus rating based on 12 Buys and 2 Holds. The average Accenture price target of $380.15 implies upside potential of about 17% from current levels.
Furthermore, Accenture scores a “Perfect 10” from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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