Accenture's Conservative Approach To FY24 Justified, Says Analyst: What Investors Should Know
Portfolio Pulse from Nabaparna Bhattacharya
BMO Capital Markets analyst Keith Bachman has reiterated the Market Perform rating on Accenture Plc (NYSE:ACN), but lowered the price target to $350 from $360. Accenture's Q4 revenue growth was 4% Y/Y to $15.98 billion, missing the consensus of $16.07 billion. The company took a charge of $472 million in the quarter for restructuring, and is expecting $450 million in charges in FY24. ACN shares are trading higher by 2.02% to $306.84.
September 29, 2023 | 6:33 pm
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Accenture's Q4 revenue growth missed the consensus and the company is expecting $450 million in charges in FY24. However, shares are trading higher.
The lowered price target and missed revenue growth could negatively impact Accenture's stock. However, the company's shares are currently trading higher, indicating that the market may have already priced in these factors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100