Accenture price target raised to $417 from $400 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Accenture to $417 from $400 and keeps an Overweight rating on the shares. Recent checks in the quarter indicate Accenture plans to move forward with the mid-year promotion cycle, which in the firm’s view suggests at least stabilizing sentiment from the most recent December promotion cycle, the analyst tells investors. Accelerated M&A activity likely contributes 300 basis points of growth in FY24, though the firm expects Accenture management to “conservatively” maintain their 2%-5% year-over-year constant currency growth outlook, the analyst added in a fiscal Q2 preview note.