Accenture (ACN) is teaming up with IonQ in a multi-year strategic agreement to speed up experimentation in quantum computing across industries globally to help clients transform their businesses.
Shares of the global professional services company have gained 41.9% over the past year. (See Accenture stock charts on TipRanks)
Notably, IonQ makes one of the most powerful quantum computers in the world. Furthermore, its 11-qubit system is the sole quantum computer available via the cloud.
Additionally, in 2023, IonQ plans to make small modular quantum computers that can be networked together, creating huge potential for the Quantum world by 2025.
The combination of Accenture’s expertise in quantum and capabilities to develop customized industry solutions, along with IonQ’s quantum computing technology will enable organizations to create new experiments and innovations and bring solutions to mission-critical business difficulties using quantum computing.
Marc Carrel-Billiard, Senior Managing Director and Technology Innovation lead at Accenture commented, “Quantum computing will create unprecedented opportunities, and we want Accenture clients to be ready to seize them.”
He further added, “Whether in life sciences, energy distribution and storage, or logistics, quantum computing offers new and compelling ways to solve key business problems and generate new insights.”
Before Accenture’s Q4 results next week, Morgan Stanley analyst James Faucette increased the price target to $380 (11.5% upside potential) from $330 and reiterated a Buy rating.
Faucette expects the company to announce FY22 guidance of 7% – 10% year-over-year growth in constant currency coupled with “modest margin expansion.”
Consensus among analysts is a Strong Buy based on 16 Buys and 4 Holds. The average Accenture price target of $336.06 implies downside potential of 1.4% from current levels.
Accenture scores a “Perfect 10” from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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