Equity Snap: Accenture Plc (ACN US): 3QFY26 results could further stoke the AI disruption narrative; underlying metrics look decent

研报英文原文证据摘录

Equity Snap: Accenture Plc (ACN US): 3QFY26 results could further stoke the AI disruption narrative; underlying metrics look decent

18 June 2026

Equity Snap: Accenture Plc (ACN US) Equities

IT Services

3QFY26 results could further stoke the AI disruption

narrative; underlying metrics look decent Ireland

◆ Weaker revenue guide and bookings could further amplify AI- Phani Kanumuri

disruption concerns Analyst, TMT HSBC Securities (USA) Inc.

phani.kanumuri@us.hsbc.com

+1 240 709 8135

Accenture Plc (ACN US, USD156.01, Hold, TP USD210.00)

Madhvendra Singh*, CFA

(Priced as of 17 Jun 2026) Senior Analyst, TMT

HSBC Bank Middle East Limited, DIFC

FY revenue growth - Top-end guidance lowered to 4% from 5%: 4Q revenue madhvendra.singh@hsbc.com

guidance was c2% below consensus and HSBCe at mid-point with 1%–5% local- +971 450 93348

currency (LC) revenue growth. The LC growth is broadly consistent with the 3Q Ali Naqvi*

Senior Global TMT Analyst

range provided last quarter. However, the market was expecting an acceleration as HSBC Bank Middle East Limited, DIFC

the headwinds from Accenture Federal Services (AFS) lap in 4QFY26. Management ali.naqvi@hsbc.com

+44 20 7992 2176

cited a higher-than-expected impact from the Middle East conflict (USD100m in 3Q)

and delayed client decision-making as key factors weighing on the 4Q outlook. * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

Bookings: Softer, especially on managed services: Bookings declined 2% in USD

and 3% in local currency, with managed services bookings down by c15% in USD.

Accenture attributed the decline to lumpiness, timing, and a shift to more value-

additive consultancy from efficiency-driven managed services in large contracts. The