Accenture plc (ACN) PT Raised to $125 at BMO Capital Following 2Q

BMO Capital raised its price target on Accenture plc (NYSE: ACN) to $125.00 (from $123.00) while maintaining a Market Perform rating.

Analyst Keith Bachman commented, "ACN missed our/consensus CC rev growth estimates for the second straight quarter. In addition, we thought bookings were weak. However, we believe 2H growth will accelerate from improvement in Energy/Chemicals, easier comps, and more M&A help. We think Accenture is executing a sound and reasonable strategy. However, with approximately 5% organic CC revenue growth, we don’t believe multiple expansion is warranted. Further, as we have stated previously, we think margin expansion will be limited, given the growth of digital business and current headcount in GDN relative to total headcount."

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