Accenture upgraded to Overweight at Piper on ‘attractive’ FY25 set-up

Piper Sandler analyst Arvind Ramnani upgraded Accenture to Overweight from Neutral with a price target of $395, up from $329. While overall FY25 guidance was in-line with the firm’s expectations, Piper is “bullish on the underlying metrics,” including “robust bookings” and a significant step up in hiring, the analyst tells investors. Given that full-year guidance assumes no improvement beyond Q1, and that the company is starting to see some scaled GenAI projects, the setup for FY25 “seems attractive” and the firm believes owning the stock is attractive given improving top-line metrics, what it views as “conservative” guidance and the fact that the company is a key beneficiary of GenAI related work.