01:40 PM EDT, 06/20/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lower our target by $11 to $376, 28x our FY 25 (Aug.) EPS view, above peers and ACN's three-year average (~26x) given its large net cash position ($3.9B), encouraging bookings momentum, and early leadership in GenAI. We lower our FY 24 EPS view by $0.16 to $11.98, lower FY 25's by $0.14 to $13.43, and lift FY 26's by $0.09 to $15.24. ACN posted May-Q sales of $16.5B (-1% Y/Y) and EPS of $3.13 (-1%), both near consensus. Health and Public Service sales ($3.5B) grew 9% Y/Y ex-FX, and we expect further strength as GenAI transforms these industries. GenAI bookings accelerated to $900M in the May-Q (vs. Feb-Q $600M, Nov-Q $450M, Aug-Q $200M), leading peers and especially impressive given projects remain exploratory, with per-project spend likely to grow meaningfully over time. Slow backlog conversion continues to impact industry sales, but May-Q bookings ($21.1B, 1.3x book-to-bill) were solid, and we expect associated project budgets will become sales given the strategic importance of transformation initiatives.