Accenture price target lowered to $300 from $305 at Citi

Citi analyst Ashwin Shirvaikar lowered the firm’s price target on Accenture to $300 from $305 and keeps a Buy rating on the shares. The shares have underperformed since the last earnings report as investors feared fiscal second half of 2023 estimates were not de-risked, the analyst tells investors in a research note. The firm reduced expectations for sequential growth through fiscal 2023 and believes Accenture could lower 2023 expectations, perhaps to the 6%-9% currency-neutral range from 8%-11%. Citi says a "noisy" earnings report could bring a long-term buying opportunity.