Guggenheim lowered the firm’s price target on Accenture (ACN) to $250 from $275 and keeps a Buy rating on the shares. While the firm does expect Accenture to be “an eventual beneficiary” given their strategic positioning in AI, it argues that “negative investor sentiment is difficult to fight when we have yet to see a material uptick in revenue or bookings growth from the wave of AI-related workloads that management believes is on the horizon.” The firm cites industry-wide multiple compression for its lowered target following the company’s fiscal Q2 report.
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