Argus raised the firm’s price target on Accenture to $380 from $350 and keeps a Buy rating on the shares after its Q1 earnings beat. The demand environment remains soft for all companies in the consulting and IT outsourcing space, and the company’s current-quarter sales outlook was cautious, but Accenture still appears to be taking share from competitors as the management had reiterated its full-year guidance of 2%-5% sales growth in constant currency, the analyst tells investors in a research note. Accenture’s total bookings also recovered moderately in Q1 following Q4 softness, the firm adds.
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