Accenture (ACN) Received its Third Buy in a Row

By Carrie Williams

After Wells Fargo and Stifel Nicolaus gave Accenture (NYSE: ACN) a Buy rating last month, the company received another Buy, this time from Cantor Fitzgerald. Analyst Joseph Foresi maintained a Buy rating on Accenture today and set a price target of $185. The company’s shares opened today at $167.80.

Foresi noted:

“: We maintain our Overweight rating on Accenture and our PT of $185. The company, in our view, is positioned to continue to post solid growth in Digital services, an important contributor to aggregate growth. The “New” includes Digital plus Cloud and Security and has been growing by 20-30% annually to over half of revenues. The prior period (1QFY19) saw double-digit constant currency (cc) growth for the fifth quarter in a row, with strength in the Tech vertical and across all verticals. Investor focus for the quarter will be on FY19 guidance updates and recent acquisitions.”

According to TipRanks.com, Foresi is a top 25 analyst with an average return of 21.4% and a 87.2% success rate. Foresi covers the Technology sector, focusing on stocks such as Jack Henry & Associates, Fidelity National Info, and DXC Technology Company.

Currently, the analyst consensus on Accenture is a Moderate Buy with an average price target of $166.83, implying a -0.6% downside from current levels. In a report issued on March 20, Wells Fargo also reiterated a Buy rating on the stock with a $181 price target.

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Based on Accenture’s latest earnings release for the quarter ending November 30, the company reported a quarterly net profit of $1.27 billion. In comparison, last year the company had a net profit of $864 million.

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