Accenture plc F3Q Preview: Trimming Growth Estimates to Be Closer to the Mid-Point Rather Than Top of Guide

研报英文原文证据摘录

Accenture plc F3Q Preview: Trimming Growth Estimates to Be Closer to the Mid-Point Rather Than Top of Guide

J P M O R G A N North America Equity Research

08 June 2026

Accenture plc Overweight

ACN, ACN US

F3Q Preview: Trimming Growth Estimates to Be Closer Price (05 Jun 26):$178.25

to the Mid-Point Rather Than Top of Guide ▼Price Target (Dec-26):$201.00 Prior (Dec-26):$247.00

Payments, Processors & IT Services

Tien-tsin Huang, CFA AC

(1-212) 622-6632

tien-tsin.huang@jpmorgan.com

Puneet JainWe are trimming estimates to move from the top-end of F3Q guidance closer to the

(1-212) 622-1436

mid-point, given lackluster peer results and the stepped-up debate on AI puneet.x.jain@jpmorgan.com

tokenomics since Accenture last reported results on March 19. The stock appears

Brendan Biles

to be pricing in lower expectations, down 12% since last earnings print versus S&P (1-212) 270-0880

500 up 12%. We believe ACN is executing well and think the mid-point of FY26 brendan.biles@jpmorgan.com

revenue growth guidance can be maintained given a robust backlog, but we Abbey Hochreiner

wouldn’t be surprised to see F3Q large deal bookings cool-off after such a strong (1-212) 270-5798

start to the year. Our new estimates imply ACN will exit FY26 with a F4Q organic abbey.hochreiner@jpmchase.com

FXN rev. growth rate of 2.5% or 5% including acquisitions. Stock is trading near J.P. Morgan Securities LLC

lows on NTM P/E of 12.5x or a FCF yield of 10%, and while we don’t see F3Q as

a catalyst for change, we continue to believe the market is under-appreciating

Quarterly Forecasts (FYE Aug)

ACN’s nimbleness in pivoting to AI first delivery models and position of trust with

Adj. EPS ($)

large enterprises to be the execution layer for eventually scaling AI. 2025A 2026E 2027E

Q1 3.59 3.94A 4.03