Cantor Fitzgerald Believes Accenture (ACN) Still Has Room to Grow


In a report released today, Joseph Foresi from Cantor Fitzgerald maintained a Buy rating on Accenture (NYSE: ACN), with a price target of $185. The company’s shares opened today at $173.06, close to its 52-week high of $175.64.

Foresi commented:

“: 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 close to 30% annually to over half of revenues. The prior period (3QFY18) saw double-digit constant currency (cc) growth for the third quarter in a row, with strength in the Tech vertical and improvement across all verticals. Investor focus for the quarter will be on FY19 guidance, which we expect to be in line with expectations.”

According to TipRanks.com, Foresi is a top 25 analyst with an average return of 23.3% and a 88.6% 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 $176.09, representing a 1.8% upside. In a report issued on September 20, Deutsche Bank also maintained a Buy rating on the stock with a $180 price target.

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Accenture’s market cap is currently $111.6B and has a P/E ratio of 27.92. The company has a Price to Book ratio of 11.39.

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