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Accenture Plc (NYSE: CAN) reported robust August quarter results, against a tough sector backdrop. The company’s revenue guidance appears conservative, BMO Capital Markets’ Keith Bachman said in a report. He maintained a Market Perform rating on Accenture, while raising the price target from $118 to $125.
“While other IT Services firms have recently expressed macro caution, we think Accenture's diverse revenue base provides a sustainable competitive advantage,” analyst Bachman wrote.
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Withstanding Macro Pressures
Although the environment is volatile, Accenture is less impacted by macro pressures than the Indian-based providers, given since the company has a diverse revenue base including digital and cloud, Bachman mentioned.
The analyst believes Accenture's performance and ability to withstand macro pressures reflect the company’s continued strength in digital, a business that grew by ~30 percent y/y in FY2016, as well as diversification across industries and geographies.
Accenture indicated that its underlying market was growing ~2.5 percent y/y. This could mean that most of the 10.5 percent y/y growth recorded by the company was a result of entering new markets and taking share with digital and new offerings, Bachman commented.
“With solid results and likely conservative guidance, we believe that FY2017 sets up nicely for Accenture to deliver best-in-class execution. However, we continue to think that valuation is full, and we remain on the sidelines,” the analyst added.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.