Bookings and Outlook Disappoints

研报英文原文证据摘录

Bookings and Outlook Disappoints

Deutsche Bank

Research

Rating Company Date

Hold Accenture Plc 18 June 2026

North America Reuters Bloomberg Rating Hold

United States ACN.N ACN US Price target (USD) 140.00 Price at 17 Jun 26 156.01

52-week range 310.65 – 156.01

TMT

Payments, Processors, & IT Valuation & Risks

Services

Nate Svensson, CFA

Key Takeaway – Lowers guidance on weak bookings, Middle East impact Research Analyst

+1-917-547-4768 ACN reported 3Q26 revenue of ~$18.7bn, up ~6% Y/Y (~3% cc) and adj. EPS of

$3.80, roughly in-line with DB/Street estimates. However, the print was marred Hersh Shintre, CFA

by an outlook reflecting more sluggish client decision-making, as the Middle East Research Associate

conflict layered onto preexisting weak demand and investor concerns around AI +1-917-459-1162

disruption. Mgmt. quantified the 3Q26 revenue impact from the conflict at

Paul Tomaszewski ~$100m (all Consulting) across both the Middle East itself as well as indirect Research Associate

effects outside the region (e.g., Products and Resources clients outside the +917-419-2598

region). This was further compounded by a ~$400m impact to sales/bookings

from the conflict as client decision making continues to slow. Furthermore, ACN

saw a few large Managed Services deals pushed into FY27, which the company

attributed to “company-specific” reasons. These challenges resulted in ACN Key changes

lowering its FY26 revenue guide to ~3-4% cc (~1.5-2.5% organic), below our Price target (USD) 199 140 -30%

previewed expectation (link). ACN also noted that more of the 4Q26 revenue Source: Deutsche Bank

guidance range (~1-5% cc) is “in play” if the demand destruction seen towards

the end of 3Q26 persists, which felt to us like pushing numbers below the

midpoint of that range.