Accenture price target raised to $343 from $310 at Stifel

Stifel raised the firm’s price target on Accenture to $343 from $310 and keeps a Buy rating on the shares, noting that the company eearlier this week announced a $3B, three year investment cycle in its Data and AI practice. It is difficult to dimension the near-term potential financial impact given these types of investments, but over time the shift to AI-infused enterprise applications is a positive for Accenture and most IT services vendors, the firm contends. The firm notes its Q3 estimates are above consensus, but its fiscal Q4 view is below consensus as Stifel assumes modest deceleration despite easing comp as consulting remains pressured in the near-term.