Accenture upgraded to Hold at HSBC after ‘another solid quarter’

As previously reported, HSBC analyst Phani Kanumuri upgraded Accenture (ACN) to Hold from Reduce with a price target of $220, down from $235, after “another solid quarter.” The firm’s base case remains that revenue growth should be positive but below historical growth in FY27 and FY28 and while it views the risk-reward as “fair” after a de-rating of the stock, it adds that worries about the impact of AI on long-term growth remains an overhang.