Accenture could ‘continue to weaken toward $290-$295,’ says Baird

Following the end of Accenture’s fiscal Q3 conference call, Baird analyst David Koning thinks the stock could “continue to weaken toward $290-$295.” Bookings in Q4 are expected to be similar to Q3 sequentially, which implies “around the biggest” constant currency year-over-year decline of the past 10 years, says the analyst, who grants that “the comp is reasonably difficult.” The firm, which thinks FY24 consensus revenue “could drift” from $68.5B toward $67B-$67.5B, has a Neutral rating and $322 price target on Accenture shares, which are down about 4% to $301.49 near 10:10 AM Eastern Time.