Wall Street Analysts Just Trimmed Price Targets for These 10 Stocks

04. Accenture plc (NYSE:ACN)

Price Reaction after the Price Target Cut: -1.18(-0.41%) 

On June 17, Barclays analyst Ramsey El-Assal revised his outlook on Accenture plc (NYSE:ACN), reducing the price target from $390 to $350 while reaffirming the overweight rating for the company. This adjustment stems from revised projections for Accenture plc (NYSE:ACN) revenue growth, reflecting challenges observed in the consulting and technology services sector. Despite these sector-specific difficulties, Barclays remains optimistic about Accenture plc (NYSE:ACN) long-term prospects, maintaining an “Overweight” rating. This positive stance is grounded in Accenture plc (NYSE:ACN) robust market position and strategic focus on digital transformation and cloud services, which are expected to drive future growth and resilience in the face of current market challenges. Following the price target cut, Accenture plc (NYSE:ACN) stock reacted with a slight decrease of 0.41%, reflecting investor sentiment in response to Barclays’ revised assessment.

Polen Global Growth Strategy stated the following regarding Accenture plc (NYSE:ACN) in its first quarter 2024 investor letter:

“We eliminated our position in Nestlé and trimmed our existing position in Accenture plc (NYSE:ACN). Finally, we added to our existing position in Globant with the proceeds from trimming back our Accenture position. We think this is prudent because Globant’s valuation isn’t much higher than Accenture’s, but it should be able to grow EPS faster at ~20%+ over the next five years. We see both as excellent businesses benefiting from similar tailwinds behind the increasing need for trusted third party IT services providers and continue to feel good about holding both companies for the long term.”