Accenture price target lowered to $350 from $360 at BMO Capital

BMO Capital lowered the firm’s price target on Accenture to $350 from $360 and keeps a Market Perform rating on the shares after its Q4 results and guidance. The company’s FY24 revenue growth forecast of 2%-5% was about a point below BMO’s expectation and was disappointing, though it may also be “appropriately conservative”, the analyst tells investors in a research note. BMO still has confidence in Accenture growing its operating margins but also contends that AI remains a very small amount of the company’s total business, adding that it will likely take time to have any meaningful impact on results.