RBC Capital lowered the firm's price target on Accenture to $253 from $295 and keeps an Outperform rating on the shares after its Q2 results. The company generated record bookings, which included 41 clients with quarterly bookings of over $100M, but its year-over-year growth in bookings in local currency was only 1%, the analyst tells investors in a research note. Accenture is focusing on targeted M&A to accelerate its position in the AI ecosystem and improve organic growth over time, but the firm is cutting its price target to reflect continued re-rating of names in the IT services universe, RBC adds.
