Accenture price target raised to $419 from $379 at BofA

BofA raised the firm’s price target on Accenture to $419 from $379 and keeps a Buy rating on the shares ahead of the company reporting fiscal Q2 results on March 21. BofA expects revenue and EPS to be “solidly in-line” and its base case is that Accenture will modestly lower the top end of FY24 revenue growth guidance as a rebound in discretionary spending does not appear to be materializing just yet. However, visibility on continued top-line re-acceleration and achievability of growth near or at the mid-point of FY24 revenue guidance “should enable shares to remain relatively sturdy,” the analyst tells investors in a preview note.