U.S. markets closed
  • S&P 500

    3,768.25
    -27.29 (-0.72%)
     
  • Dow 30

    30,814.26
    -177.26 (-0.57%)
     
  • Nasdaq

    12,998.50
    -114.14 (-0.87%)
     
  • Russell 2000

    2,123.20
    -32.15 (-1.49%)
     
  • Crude Oil

    52.04
    -1.53 (-2.86%)
     
  • Gold

    1,827.70
    -23.70 (-1.28%)
     
  • Silver

    24.83
    -0.97 (-3.77%)
     
  • EUR/USD

    1.2085
    -0.0071 (-0.58%)
     
  • 10-Yr Bond

    1.0970
    -0.0320 (-2.83%)
     
  • GBP/USD

    1.3583
    -0.0108 (-0.79%)
     
  • USD/JPY

    103.8000
    -0.0160 (-0.02%)
     
  • BTC-USD

    35,993.47
    +992.81 (+2.84%)
     
  • CMC Crypto 200

    701.93
    -33.21 (-4.52%)
     
  • FTSE 100

    6,735.71
    -66.25 (-0.97%)
     
  • Nikkei 225

    28,519.18
    -179.08 (-0.62%)
     

Goldman Sachs Bullish On Accenture, Consulting Firm's Digital Acceleration

Priya Nigam
·1 min read

Accenture Plc (NYSE: ACN) has been expanding its capabilities in faster growing and emerging technologies, both organically and via mergers and acquisitions, according to Goldman Sachs.

The Accenture Analyst: Matthew O’Neill initiated coverage of Accenture with a Buy rating and $278 price target.

The Accenture Thesis: While reporting fourth-quarter results, Accenture said the pandemic accelerated the digital era and that the progress that it expected to make in a decade is now likely to take only five years, O’Neill said in an initiation note.

“As such, the company has aggressively pursued digital-focused M&A, announcing or completing 32 acquisitions year-to-date, including three in cybersecurity, five in cloud, and eleven in other digital services (such as data and AI, IoT, and digital marketing),” the analyst said. 

Around 70% of bookings in the fourth quarter could be attributable to digital, cloud, and security-related services, he said, adding that the company is likely to continue extending its solutions in these product lines.

O’Neill projected margin expansion of 20 basis points and revenue growth of around 5% for fiscal 2021.

ACN Price Action: Shares of Accenture were up 0.74% at $241.56 at last check Thursday. 

Latest Ratings for ACN

Date

Firm

Action

From

To

Nov 2020

Goldman Sachs

Initiates Coverage On

Buy

Oct 2020

Morgan Stanley

Maintains

Overweight

Sep 2020

Barclays

Maintains

Overweight

View More Analyst Ratings for ACN
View the Latest Analyst Ratings

See more from Benzinga

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.