ACN - Middle East Impacts Emerge, With Larger Impact Expected in F4Q; PT to $150

研报英文原文证据摘录

ACN - Middle East Impacts Emerge, With Larger Impact Expected in F4Q; PT to $150

Truist Securities

Equity Research Report June 21, 2026

TMT: Artificial Intelligence, Digital Accenture plc (ACN)

Platforms and IT Services

ACN - Middle East Impacts Emerge, With Larger Impact Expected

Arvind Ramnani in F4Q; PT to $150

214-969-5873

Arvind.Ramnani@truist.com

Middle East impacts emerge with ~$100M revenue impact, which we expect to extend

Wayne Trinh, CFA through F4Q and beyond. When we downgraded our view of ACN to Hold a few weeks

212-590-0911 ago, we pointed to headwinds from pressured budgets, AI-driven revenue cannibalization,

Wayne.Trinh@truist.com and geopolitical uncertainty. F3Q results showed signs of these headwinds emerging as

FY26 revenue guidance was lowered and management noted a larger portion of the guide

would be in play due to macro uncertainty. Indirect impacts from the Iran war started to show

up in the last few weeks of the quarter, and we expect the impact to be larger through F4Q

Stock Rating HOLD and potentially beyond, with decision-making cycles already elongated.

Unchanged

Price Target $150.00 We are hosting an investor call with the Accenture team on June 22 (Monday) at 11am

↓ ET. Please let us or your sales person know if you are interested in participating.

from

$210.00 Middle East conflict starts weighing on results in F3Q, with larger impact expected

in F4Q. We pointed to headwinds ACN faces from pressured budgets, AI revenue

cannibalization, and geopolitical uncertainty when we downgraded our rating to Hold a

few weeks back. F3Q results reflected emerging Middle East impacts as FY26 revenue

TR to Target 22.3% guidance was lowered (despite US federal expected to return to growth in F4Q and inorganic

Price (Jun.