Accenture: share rises with Goldman's upgrade
(CercleFinance.com) - On Friday, Accenture shares posted one of the biggest gains on the New York Stock Exchange's S&P 500 index, as Goldman Sachs highlighted the potential for improvement in the US technology services sector.
Having risen by up to 3% during trading, the stock closed up 1.3%, while the S&P rose by 0.3%.
In a sector report, Goldman considers Accenture to be the company best positioned to benefit from a recovery in corporate capital spending.
In its view, the company could outperform Wall Street forecasts thanks to improving economic conditions.
The broker believes that demand for IT services could gradually improve next year, particularly in the financial sector, thanks to a possible move towards deregulation and the favorable trend in interest rates.
Goldman sees a good entry point for the stock, and has raised its recommendation from 'neutral' to 'buy', with a price target raised from $370 to $420.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
Having risen by up to 3% during trading, the stock closed up 1.3%, while the S&P rose by 0.3%.
In a sector report, Goldman considers Accenture to be the company best positioned to benefit from a recovery in corporate capital spending.
In its view, the company could outperform Wall Street forecasts thanks to improving economic conditions.
The broker believes that demand for IT services could gradually improve next year, particularly in the financial sector, thanks to a possible move towards deregulation and the favorable trend in interest rates.
Goldman sees a good entry point for the stock, and has raised its recommendation from 'neutral' to 'buy', with a price target raised from $370 to $420.
Copyright (c) 2024 CercleFinance.com. All rights reserved.