Accenture price target lowered to $290 from $310

Baird analyst David Koning lowered the firm’s price target on Accenture to $290 from $310 and keeps a Neutral rating on the shares. The analyst said Q1 results were solid, but Bookings decelerated to +6% year-over-year and Consulting Book-to-Bill was less than1X. Koning views the risk/reward as balanced but interesting around $250.