Equity Snap: Accenture Plc (ACN US) Key takeaways from investor call

研报英文原文证据摘录

Equity Snap: Accenture Plc (ACN US) Key takeaways from investor call

12 May 2026

Equity Snap: Accenture Plc (ACN US) Equities IT Services

Key takeaways from investor call Ireland

◆ Company sees AI concerns as overdone Phani Kanumuri

Analyst, TMT

HSBC Securities (USA) Inc.

Accenture Plc (ACN US, USD172.35, Hold, TP USD210.00) phani.kanumuri@us.hsbc.com

(Priced as of 11 May 2026) +1 240 709 8135

Madhvendra Singh*, CFA

We hosted Accenture’s IR team for a group investor call on 12 May. Our key Senior Analyst, TMT

takeaways: HSBC Bank Middle East Ltd, DIFC

madhvendra.singh@hsbc.com

+971 450 93348

OpenAI/Anthropic viewed as partners, not competitors: Recent announcements

Ali Naqvi*

around OpenAI/Anthropic moving into enterprise deployment raised investor Senior Global TMT Analyst

concerns about potential revenue cannibalization. Yet Accenture sees this move as HSBC Bank Middle East Ltd, DIFC

ali.naqvi@hsbc.com

analogous to software vendors historically building services arms for specialised +44 20 7992 2176

work, which did not materially lower Accenture’s addressable market. Accenture

expects a similar dynamic as foundational model providers expand into services. The * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

company said it remains on track to more than double bookings from partnerships

with key emerging AI and data ecosystem partners in FY26 vs FY25.

Addressable market continues to expand: Accenture is broadening its opportunity

set through new offerings (e.g., data centre design consultancy), which supports

outperformance vs peers even in a hypothetical environment where the overall

market is contracting.

AI adoption still early: Only 1,400+ of c9,000 clients are considered advanced AI