Accenture price target raised to $394 from $335 at Piper Sandler

Piper Sandler raised the firm’s price target on Accenture to $394 from $335 and keeps a Neutral rating on the shares. The firm believes Accenture’s Q2 results will likely be in-line given muted expectations. However, the company may lower the top end of its FY24 revenue guidance range of 2%-5%, given a potentially slower path to second half of the year acceleration. In particular, Q3 consensus of +7.4% quarter-over-quarter seems high. Notably, the last time Accenture has seen a similar level of improvement between Q2 and Q3 was in Q3 2017, Piper adds. Further, Accenture’s commentary on the overall macro will likely be closely watched, as peers have been split on timing of enterprise spend acceleration.