Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Accenture Plc (NYSE: ACN) reported mixed results for its fiscal second quarter on Thursday.
Accenture reported second-quarter fiscal 2024 sales of $15.80 billion compared with the consensus of $15.84 billion, flat Y/Y in U.S. dollars and local currency. Revenues were slightly above the midpoint of the company’s guided range of $15.40 billion – $16.00 billion. Adjusted EPS of $2.77 beat the consensus of $2.66, according to data from Benzinga Pro.
Accenture expects third-quarter revenues of $16.25 billion – $16.85 billion (versus consensus of $17.01 billion), or negative (1)% – positive 3% in local currency, reflecting the company’s assumption of a negative (1)% foreign-exchange impact compared with the third quarter of fiscal 2023.
Accenture expects fiscal 2024 adjusted EPS of $11.97 – $12.20 (prior $11.97 – $12.32) versus consensus of $12.24. For fiscal 2024, the company expects revenue growth of 1% – 3% (prior 2% – 5%) in local currency vs. $66.18 billion consensus.
For fiscal 2024, the company continues to expect operating cash flow of $9.3 billion – $9.9 billion and free cash flow of $8.7 billion – $9.3 billion.
Accenture shares fell 2.2% to trade at $337.39 on Friday.
These analysts made changes to their price targets on Accenture following earnings announcement.
- Mizuho cut the price target on Accenture from $426 to $398. Mizuho analyst Dan Dolev reiterated a Buy rating.
- RBC Capital raised the price target on Accenture from $374 to $381. RBC Capital analyst Daniel Perlin maintained an Outperform rating.
- TD Cowen cut the price target on Accenture from $363 to $350. TD Cowen analyst Bryan Bergin maintained a Market Perform rating.
- Morgan Stanley cut the price target on Accenture from $417 to $400. Morgan Stanley analyst James Faucette maintained an Overweight rating.
- BMO Capital slashed the price target on Accenture from $385 to $375. BMO Capital analyst Keith Bachman maintained a Market Perform rating.
- Citigroup lowered the price target on Accenture from $430 to $400. Citigroup analyst Ashwin Shirvaikar maintained a Buy rating.
Latest Ratings for ACN
| Mar 2022 | Goldman Sachs | Maintains | Neutral | |
| Jan 2022 | Goldman Sachs | Initiates Coverage On | Neutral | |
| Dec 2021 | Barclays | Maintains | Overweight |
View the Latest Analyst Ratings
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.