Accenture price target raised to $388 from $365 at BofA

BofA raised the firm’s price target on Accenture to $388 from $365 and keeps a Buy rating on the shares. The “biggest takeaways” from Accenture’s earnings call were that the high end of the FY25 constant currency revenue growth guidance of 3%-6% does not assume any improvement in discretionary spending, while the low end can accommodate some deterioration, the analyst tells investors. The firm thinks investors will appreciate the implied conservatism in this initial FY25 outlook and argues that visibility is supported by a higher volume of large transformational deals in backlog now than a year ago.