Accenture price target raised to $381 from $374 at RBC Capital

RBC Capital raised the firm’s price target on Accenture to $381 from $374 and keeps an Outperform rating on the shares. The company’s Q2 results and FY24 guidance reduction continue to reflect a difficult macro environment, and the management has noted additional decline in demand for smaller projects with the start of the calendar year, the analyst tells investors in a research note. Accenture’s GenAI projects, however, continue to accelerate, with bookings of $600M in the quarter, bringing year-to-date bookings to $1.1B, the firm added.