Argus lowered the firm’s price target on Accenture (ACN) to $370 from $410 but keeps a Buy rating on the shares. The company reported a Q3 earnings beat though the stock fell, likely on an annual decline in bookings, the analyst tells investors in a research note. Accenture also raised its annual revenue outlook to reflect gathering AI momentum, while its AI new bookings totaled $1.5B in the quarter, Argus noted, adding that the company has the financial resources, customer presence, and market strength to thrive as companies accelerate the process of digital transformation and progress through their AI journeys.
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