Accenture price target lowered to $340 from $350 at Morgan Stanley

Morgan Stanley analyst James Faucette lowered the firm’s price target on Accenture to $340 from $350 and keeps an Overweight rating on the shares. Though fiscal Q3 results were consistent with the firm’s preview, bookings softness likely draws questions around feasibility of achieving mid-single to high-single digit growth in FY24, the analyst tells investors. Accenture remains “one of the better houses in a deteriorating neighborhood,” but near-term digestion is needed before industry-wide demand inflects, the firm added.