Accenture upgraded by UBS on AI prospects
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2 months ago
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- Accenture (NYSE:ACN) was in the spotlight on Friday as UBS upgraded the IT consulting firm, citing its prospects in generative artificial intelligence.
- Shares were little changed in premarket trading.
- Although there is a concern about the pace of IT spending, where it is going — cloud, digital transformation, cybersecurity and generative AI — should lead to “higher and more durable growth,” UBS analyst Kevin McVeigh wrote in an investor note. McVeigh raised his rating on Accenture to Buy from Neutral and put a $400 price target on the stock.
- McVeigh added that generative AI adoption is “poised to accelerate,” and the stock is not reflecting the extent of how big generative AI could be for the company.
- Accenture shares are down 5.4% year-to-date.