Pacific Crest Analyst Initiates Overweight on Accenture Plc (ACN)

Pacific Crest analyst Arvind Ramnani initiated coverage on Accenture Plc (NYSE:ACN), issuing an Overweight rating for the stock with a price target of $129.00.

The analyst believes that many of Accenture’s assets including its global footprint, client relationships, board-level connections, wide range of services,as well as the large scale and quality of its global delivery model are likely to keep revenues growing in the near-term. The analyst affirms that the company plays an important role “in transforming companies as technology has become more strategic.”

Accenture is responsible for creating the first self-contained holographic computer running Windows 10, and the proof of concept has been hailed as rich and highly interactive. Users of the product gain a real-time view of their surroundings combined with a landscape of virtual objects, providing new interactions using gesture and voice inputs.

According to TipRanks, 45% of analysts currently rate ACN as a Buy, and the remaining 55% issue a Hold rating for the stock. The consensus price target for ACN is $124.38, marking a 7.73% upside from current prices.

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