UBS last night upgraded Accenture to Buy from Neutral with an unchanged price target of $400. The analyst sees opportunity for multiple expansion as the market anticipates accelerating revenue growth amid artificial intelligence optionality. The firm appreciates concern about the pace of IT spending, but believes Accenture’s change in business mix towards cloud, digital transformation, cybersecurity and now generative AI should drive “higher and more durable growth.” UBS’s analysis of company’s top 10 alliance partners’ revenue relative to Accenture’s is indicative of sales acceleration over the next 12 months.
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