Accenture price target raised to $355 from $340 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Accenture to $355 from $340 and keeps an Overweight rating on the shares ahead of the company reporting fiscal Q4 results on Thursday, September 28. Channel checks continue to signal a challenged spending environment and the firm expects Accenture to deliver “a modest FY24 outlook,” the analyst tells investors in an earnings preview note. The firm, which expects the company will guide for 3%-6% year-over-year constant currency revenue growth and 10-30 basis points in margin expansion, forecasts 4% year-over-year constant currency revenue growth and and 20 points of margin expansion.