Investors should consider putting their money in consulting stock Accenture, which has a “best of breed model” able to fight through the market volatility, according to Deutsche Bank. Analyst Bryan Keane lifted his 2023 earnings estimates on Accenture by 8 cents a share after the company’s latest quarterly results showed strong revenue growth, an adjusted earnings per share beat and bookings momentum. At the same time, Accenture said it plans to slash 19,000 roles over the 18 months as it grapples with slowing spending for IT services and trimmed its revenue outlook. While the cuts could cost the company roughly $1.5 billion through 2024, these initiatives should help protect Accenture’s profit margin expansion and establish “structural cost shifts to create enduring value,” Keane wrote in a Thursday note to clients. ACN YTD mountain Accenture shares in 2023 Deutsche Bank’s $292 price target implies about 7% upside for shares from Thursday’s close. The stock’s up 1.8% in 2023, following a nearly 36% slump in 2022. — CNBC’s Michael Bloom contributed reporting
Deutsche Bank likes this consulting stock with a ‘best of breed model’
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