Accenture (NYSE:ACN) shares are down a further 2% after closing 1.9% lower yesterday on the back of the softer-than-expected forecast.
TD Cowen analysts downgraded the stock to Market Perform today to reflect a “further deterioration in demand signals that yields incremental uncertainty & estimate risk.”
Moreover, analysts highlight “full” validation following a period of recent outperformance on the back of the generative AI frenzy.
“We see a less favorable risk/reward scenario,” said analysts in a downgrade note.
The new price target on ACN stock is $300 per share.
The company guided for FQ4 revenue of $16.05 billion, $300 million lower than the consensus. As a result, the company modestly lowered its full-year revenue growth outlook to +8.5% from +9%.