Truist Starts Coverage on Accenture (ACN) With $317 Price Target

Core Viewpoint - Accenture plc (NYSE:ACN) is recognized as a notable AI stock on Wall Street, with a "Buy" rating initiated by Truist Securities and a price target of $317, highlighting its potential in enterprise modernization trends, particularly in GenAI [1]. Group 1: Business Growth and Valuation - Analysts project that ACN's business mix will support mid-single-digit growth and stable margins over a multi-year horizon, despite concerns regarding GenAI's impact on existing business [2]. - The stock is currently trading at a significant discount to its historical average, primarily due to fears of GenAI cannibalizing existing business [3]. Group 2: Strategic Partnerships and Legacy Revenue - Accenture's strategic partnerships with leading frontier labs and its involvement in the broader GenAI ecosystem are viewed as positive factors for the company's future [4]. - The company has a proven track record of successfully cannibalizing legacy revenue streams, suggesting that patient investors may see rewards over time [4].