Accenture downgraded to Market Perform on full valuation at TD Cowen

TD Cowen downgraded Accenture to Market Perform from Outperform with a price target of $300, down from $325. The analyst says “further deterioration in demand signals” yields incremental uncertainty, estimate risk and an unfavorable risk/reward on the shares. Accenture remains a services staple with “unmatched” scale and diversification, but its valuation seems full following the recent outperformance associated with generative artificial intelligence enthusiasm despite limited near-term return, the analyst tells investors in a research note.