Evercore ISI Group Initiates Coverage of Accenture plc (ACN) with Outperform Rating

Accenture plc (NYSE:ACN) is among the 13 Best Global Stocks to Buy Right Now. On July 17, Evercore ISI Group initiated coverage of the stock with an Outperform rating and announced a price target of $330 for its shares.

Evercore ISI Group Initiates Coverage of Accenture plc (ACN) with Outperform Rating

The firm said that IT companies are playing a critical role as businesses adopt artificial intelligence. In a note to investors, Evercore analysts, led by Amit Daryanani, stated the following:

“As enterprises dive further into AI transformation, we see IT services firms playing a pivotal role in navigating customers through their AI journeys, which could create growth tailwinds for services firms akin to how public cloud adoption contributed to industry growth. IT Services firms help enterprises address ‘last mile’ challenges related to the deployment of AI including cloud/data infra modernization, and tailoring solutions to each organizations unique needs.”

Evercore analysts also highlighted Accenture plc (NYSE:ACN)’s market leadership, because of which the company is positioned to maintain mid to high single-digit sales. The price target of $330 represents a nearly 17% upside potential from the stock’s current trading value.

Accenture plc (NYSE:ACN) is a leading global professional services company that is helping businesses, governments, and organizations worldwide to develop their digital core, optimize operations, grow revenue, and enhance citizen services.

While we acknowledge the risk and potential of ACN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ACN and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None.