Global professional services company Accenture plc (NYSE:ACN) has signed a 10-year collaborative agreement with Spanish multinational financial services company, Banco Bilbao Vizcaya Argentaria, S.A., popularly known as BBVA, to enhance their digital capabilities.
Following the news, shares of the company declined marginally to close at $403.31 during yesterday’s trading session.
Strategic Impact
With this partnership, Accenture will collaborate with BBVA to develop the latter’s agility of operations, by harnessing the power of analytics and artificial intelligence.
This will be carried out with Accenture’s AI-powered SynOps platform, which is expected to assist BBVA in making data-driven decisions, cut costs, and offer a smoother experience to its customers.
Management Commentary
Group Chief Executive of Accenture Operations, Manish Sharma, said “The banking industry has a long history of adapting technology in ways that transform how they operate, interact with customers and increase market share. Our collaboration with BBVA aims to create future-readiness while rising above dynamic market conditions and pivoting to new sources of value.”
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Analyst Ratings
Recently, Barclays analyst Ramsey El Assal reiterated a Buy rating on the stock. The analyst, however, raised the price target from $384 to $455, which implies upside potential of 12.8% from current levels.
The Street is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 11 Buys and 5 Holds. The average Accenture price target of $437.69 implies the stock has upside potential of 8.5% from current levels. Shares have gained about 56.8% over the past year.
Investors
TipRanks’ Stock Investors tool shows that investors currently have a Very Negative stance on ACN. Furthermore, 2% of portfolios tracked by TipRanks, reduced their exposure to ACN stock over the past 30 days.
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