Baird 将埃森哲（ACN）评级下调至中性，但目标价由245美元上调至252美元，盘前微跌约1.3%

Accenture ( ACN ) was downgraded to Neutral at Baird on Wednesday as the investment firm said the risk-reward on the stock is in balance after a near 100% increase since June. Shares fell 1.5% in premarket trading. “We view Accenture as a tremendous franchise, and consider the strong move in recent months to be warranted, as investors’ fears around AI disruption has somewhat waned,” Baird analyst David Koning wrote in a note to clients. “We view the current 16X NTM P/E to be reasonable for a 7-9% EPS growth profile and ~3% organic const-fx revenue growth profile (average 8% during F14-F23), and believe this balances the potential benefits/ risks from AI.” Despite the downgrade, Koning upped his price target on Accenture to $252 from $245. Delving deeper, Koning said he believes investors have concluded that Accenture is likely to see both benefits and risks from artificial intelligence. The benefits include Accenture taking market share during periods of change and winning new AI-related business, while the risks include clients getting added efficiencies and Accenture being given less work.