- The stock price of Accenture plc (NYSE: ACN) has received a price target increase from $261 to $300 from Bank of America. These are the details.
The stock price of Accenture plc (NYSE: ACN) has received a price target increase from $261 to $300 from Bank of America. And Bank of America analyst Jason Kupferberg upgraded Accenture shares to a “Buy” rating from “Neutral.”
Kupferberg noted that he was impressed with the company’s second-quarter bookings of $16 billion, which also entailed record levels of consulting and outsourcing. And the analyst also pointed out that billable headcount growth of 4.6% was the company’s highest in about 5.5 years, which is a positive leading indicator.
In a research report, Kupferberg also wrote that Accenture made a sizable increase to fiscal year 2021 guidance due to the beating of expectations in the last quarter. And the faster than expected demand recovery and the company’s underlying business momentum is another reason for the rating upgrade and price target increase.
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