Accenture price target raised to $400 from $360 at Wedbush

Wedbush raised the firm’s price target on Accenture (ACN) to $400 from $360 and keeps an Outperform rating on the shares post Oracle’s (ORCL) results, Cloud-based momentum in its services business as well as based on a recent article published in The Economic Times of India pointing to increasing traction for Accenture’s GenAI-based offerings. While quarterly results may be weak, especially given mixed commentary from a host of Accenture’s peers, the firm believes Accenture’s results/outlook may benefit from 3 relative areas of strength, including ongoing traction for its Cloud-based offerings; Accenture bound to benefit from Oracle’s robust Cloud pipeline; and GenAI traction, post ongoing $3B investment in training, accelerators as well as applications.