Accenture price target raised by $44 at Citi, here’s why

Citi raised the firm’s price target on Accenture to $385 from $341 and keeps a Buy rating on the shares ahead of its Q1 results. Near-term services demand likely weakened in late 2023, but Accenture should still deliver inline fiscal Q1 revenue performance and an EPS beat, the analyst tells investors in a research note. Many investors believe the risk in the name is that Accenture could lower FY24 outlook, but Accenture likely did not assume a macro recovery, and the company’s strong backlog can “contractually convert in the back-half”, the firm added.