Accenture plc (ACN) PT Raised to $342 at Stifel
Stifel analyst David Grossman raised the price target on Accenture plc (NYSE: ACN) to $342.00 (from $305.00) while maintaining a Buy rating following strong results.
The analyst commented, "A strong beat and raise quarter was highlighted by accelerating growth across all segments after adjusting for easing comparisons. As noted in our preview, strength reflects: accelerating demand for digital transformation post-pandemic, the breadth/underlying quality of ACN's offering and their ability to hire/reskill at scale, which are collectively driving share gains. We are raising our FY21 (Aug) estimates to the high-end of guidance and raising our above consensus FY22 revenue and EPS estimates 7% and 8%, respectively, which implies FY22 revenue growth similar to FY21 (~9% organic cc) and continued share gains. ACN is outperforming the S&P500 (+200bp v. +55bp), though is up less than the revisions to EPS (+4%), which may reflect trading dynamics. We are rolling forward our PT, which increases from $305 to $342 and reiterate ACN as a best-in-class asset, that should be purchased opportunistically by those looking for a HSD/LDD compounder with a stable dividend."