Accenture (ACN – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst David Grossman from Stifel Nicolaus maintained a Buy rating on the stock and has a $355.00 price target.
David Grossman has given his Buy rating due to a combination of factors that highlight Accenture’s resilience and potential for growth. Despite a more muted outlook and recent declines in stock value, Grossman notes that Accenture’s scale and diversity provide a buffer that allows it to remain within its guidance range. The company has shown a modest revenue beat and maintained its earnings per share expectations, which reinforces confidence in its financial stability.
Furthermore, Accenture’s position in the market, trading at a premium compared to the S&P 500, suggests an attractive entry point for investors. The stability in pricing and the strength in specific sectors, such as banking and capital markets, underscore the company’s ability to navigate current uncertainties. Additionally, the Federal business, which constitutes a significant portion of revenue, is expected to continue its modernization efforts, supporting long-term demand for Accenture’s services.
In another report released today, Barclays also maintained a Buy rating on the stock with a $415.00 price target.
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