Accenture price target lowered to $398 from $426 at Mizuho

Mizuho lowered the firm’s price target on Accenture to $398 from $426 and keeps a Buy rating on the shares following the fiscal Q2 report. With a guide-down to the fiscal year outlook in both revenue and earnings, comments about uncertain macro, Accenture’s clients further limiting and delaying discretionary spending, it is not surprising the stock dropped 9% post the results, the analyst tells investors in a research note. However, the firm believes management has sufficient visibility to ramp up growth to 6% in Q4 barring any unexpected macro events.