Accenture plc (ACN) Staffing Levels Imply a Beat - Stifel
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Stifel analyst David Grossman reiterated a Buy rating and $300.00 price target on Accenture plc (NYSE: ACN) expecting a strong print after the company added over 7,400 billable resources FYTD. This is more than 3x the nearly 2,300 added at this same time last year (pre-pandemic).
The analyst stated "ACN has underperformed the S&P500 by nearly 600bp since its last report, perhaps reflecting market rotation into more cycle/value oriented names. We view this as a best in class low volatility core asset, which should always be bought/sold opportunistically. The stock is currently trading at its pre-pandemic premium to the S&P (~40%), which may suggest earnings growth and upward revisions to estimates will be the primary drivers of stock performance. To this point we have modeled above consensus
revenue growth for both this year and next to reflect our view of current trends; however, even our estimates could prove low in a sustained global economic recovery."
Shares of Accenture plc closed at $265.00 yesterday.
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