Accenture’s overall consulting business returned to growth in Q3, Argus says

Argus keeps a Buy rating and $380 price target on Accenture, noting that while the company’s earnings missed consensus estimates, its overall consulting business has returned to growth in Q3. The stock has also rallied on the company’s growing AI business opportunities, the analyst tells investors in a research note, adding that Accenture had $900M in generative AI-related bookings in Q3 and now has over $2B in bookings year-to-date. CEO Julie Sweet noted that most customers are just getting started on their AI journeys, Argus added, stating generative AI is the fastest-growing technology opportunity in Accenture’s history.