Accenture: Jefferies reduces TP and estimates

(CercleFinance.com) - The broker confirms its 'hold' rating on the stock, reducing its target price from 310 dollars to 290 dollars.


The company has reported better-than-expected Q4 earnings, although has also unveiled lower-than-expected guidance for its new fiscal year.

The consultancy group announced Q4 (to 31 August) net income of 1.69 billion dollars, up 17% from 1.44 billion dollars a year ago. For the new fiscal year, the US group said it expects EPS of 11.09 to 11.41 dollars, below the consensus of 12 dollars per share.

Mainly due to FX headwinds the broker is reducing its 2023 adjusted EPS estimate by 0.74 dollar (-6%) to 11.40 dollars.

It adds that while FY constant currency revenue guidance (+8-11% y-o-y) is 200 bp below its own estimate, the current outlook appears reasonable given increasing macroeconomic uncertainty.



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