Accenture plc (ACN) PT Raised to $269 at Citi Ahead of Earnings

Citi analyst Ashwin Shirvaikar raised the price target on Accenture plc (NYSE: ACN) to $269.00 (from $247.00) ahead of earnings on the expectation that the company will report above consensus
results. Expectations were generally conservatively set by most companies earlier in the summer, cloud demand continues to be strong and a more favorable FX picture help offset the trends in the legacy business.

The analyst maintained a Buy rating, stating "We still expect revenue to decline slightly overall. We expect good bookings quarter (book to bill greater than 1.0x) from Accenture due to the improving business environment and a greater acceptance of working virtually. We expect Accenture to still provide a full year outlook with the first half of the year likely below the full year range given…this should be expected because digital transformation acceleration builds rather than being a step change".

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