On Friday, Mizuho reiterated its Buy recommendation on Accenture, while lowering its price target for the stock from $426 to $398.

In a research note, the research firm considers that the adverse reaction to the quarterly results, which were punished by a 9% correction on the stock market, is not surprising in view of the technology consulting group's cautious stance and its comments on the postponement of capital expenditure by its clients.

Despite these factors, Mizuho considers that the technology consulting giant remains well placed to achieve growth at constant exchange rates of around 6% in its fourth fiscal quarter, which closes in August, barring any major economic mishaps.

From a long-term perspective, Mizuho believes that Accenture remains a first-rate player in technology services, with the potential to gain market share in promising areas such as AI.

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