Accenture price target lowered to $370 from $425 at BMO Capital

BMO Capital lowered the firm’s price target on Accenture (ACN) to $370 from $425 and keeps a Market Perform rating on the shares ahead of its Q2 results this week. The firm anticipates upside to consensus revenue estimates for the quarter but does not expect a raise in previously provided full-year guidance given the incremental uncertainty in the economy and headwinds in the federal government services business, the analyst tells investors in a research note. Valuation is more appealing given the stock’s pullback, but estimates will likely remain range bound over the medium term, BMO added.