TECH - Accenture To Gain From Strong GenAI Project Acceleration Despite Decline In Demand For Smaller Projects: Analyst | Benzinga
RBC Capital Markets analyst Daniel R. Perlin reiterated the Outperform rating on Accenture Plc (NYSE:ACN), raising the price forecast to $381 from $374.
The company reported second-quarter fiscal 2024 sales of $15.80 billion compared with the consensus of $15.84 billion, flat Y/Y in U.S. dollars and local currency.
Perlin writes that this quarter’s results and guidance reduction continue to reflect a challenging macro environment, while management noted an additional decline in demand for smaller projects with the start of the calendar year.
GenAI projects, however, continue to accelerate, with bookings of $600 million in the quarter, bringing year-to-date bookings to $1.1 billion, the analyst adds.
FY24 guidance tightened ...