Accenture price target raised to $365 from $352 at Mizuho

Mizuho raised the firm’s price target on Accenture to $365 from $352 and keeps an Outperform rating on the shares. The firm says yesterday’s Bloomberg report that Accenture is delaying promotions by six months “has awakened dormant fears of continued lackluster” IT services spend, raising concerns about a soft fiscal 2025 sales outlook, the analyst tells investors in a research note. The firm, however, is more bullish. It sees potential for 7%-plus growth in fiscal 2025, above the consensus estimate of 5.6%. Mizuho’s analysis of the S&P 500 constituents versus Accenture’s constant currency growth points to a “more shallow rate of deceleration” versus its prior update in June. It increased the price target to reflect a slightly higher multiple.