Selected stock price target news of the day - June 22, 2023

By Matthew Otto


Accenture Lowers Revenue Growth Outlook for Fiscal Year

Accenture lowered its revenue growth outlook for the fiscal year. The HR firm now expects revenue growth in the range of 8% to 9% for fiscal 2023, compared to its previous expectation of 8% to 10% growth.

In the fiscal third quarter, Accenture reported adjusted earnings of $3.19 per share on revenue of $16.56 billion. This exceeded analysts’ expectations, as they were anticipating earnings of $3.01 per share on revenue of $16.49 billion.

Despite the lowered revenue growth outlook, Accenture’s CEO, Julie Sweet, expressed satisfaction with the company’s solid performance in terms of bookings, revenue, adjusted operating margin, earnings per share, and free cash flow in the third quarter.

Before the decline, Accenture’s stock had experienced a 17% increase in value during the year.

Analysts Provide Mixed Recommendations and Price Targets for Accenture


  • BMO Capital analyst Keith Bachman maintains a Market Perform rating and increases the price target from $327 to $365.
  • Piper Sandler analyst Arvind Ramnani upgrades from Underweight to Neutral and raises the price target from $250 to $316.
  • Citigroup analyst Ashwin Shirvaikar maintains a Buy recommendation and raises the price target from $306 to $358.


Analyst Jeff Cantwell (WELLS FARGO) has currently the highest performing score on ACN with  2/2 (100%) price target fulfillment ratio. His price targets carry on an average of $19.41 (7.14%) potential upside and are fulfilled within an average of 33 days.


Boeing’s Approval for MAX 10 Hinges on Certification of MAX 7 by FAA

Boeing is awaiting approval from the Federal Aviation Administration (FAA) for its smaller MAX 7 aircraft before it can secure approval for the MAX 10 variant. The certification process for both models has faced significant delays, partly due to heightened regulatory scrutiny following the fatal crashes involving the MAX 8 in 2018 and 2019.

David Minicucci, the chief commercial officer of Alaska Air Group, expressed a preference for the MAX 10 due to its larger capacity. The MAX 10 can accommodate 189 passengers, compared to the MAX 9’s capacity of 178 passengers. Minicucci noted that for similar trip costs, the MAX 10 allows for an additional 11 passengers.

Alaska Air Group is eager for the approval of the MAX 10 but emphasizes the importance of ensuring safety and appropriate certification. They anticipate being strong supporters of the MAX 10 once it is cleared for operation.

Boeing mentioned that the certification process for the MAX 7 is taking longer due to new documentation requirements, but the company still anticipates receiving approval by the end of the year.

Analysts Provide Varied Ratings and Price Targets for Boeing


  • RBC Capital analyst Ken Herbert reiterates a Sector Perform rating and maintains a $220 price target.
  • Bernstein analyst Douglas Harned reaffirms an Outperform rating with a price target of $252.00.

Analyst Jason Gursky (CITI) has currently the highest performing score on BA with 16/18 (88.89%) price target fulfillment ratio. His price targets carry on an average of $41.52 (36.91%) potential upside and are fulfilled within an average of 480 days.


Intel Expects Major Cost Savings from New Business Structure

Intel’s foundry initiative appears to be moving ahead, with CFO David Zinsner providing valuable on Barron’s insights on the plan and its implications for the company.

Here are the key takeaways from this interview:

  1. Structure Change: The company’s new structure will see Intel’s internal product businesses treated like any other customer by the foundry unit, with market-based pricing for chip manufacturing. Zinsner believes this will incentivize units to become more efficient and will ultimately result in significant cost savings for Intel. The expected savings could be around $500 million to $1 billion a year due to reduced rush orders, testing time, and iterations of chip designs.
  2. Geographical Security: Intel is presenting its new foundry services business as a compelling option for customers looking for a more geographically secure supply chain, especially in the U.S. and Europe.
  3. Intellectual Property Protection: Zinsner mentioned that potential clients are particularly interested in the protection of their intellectual property, and Intel’s new structure will provide assurance that their IP is safe and a priority for the company.
  4. Future Customer Announcements: Intel expects to announce a major customer for its 18A node process later this year. The 18A process is the leading-edge chip manufacturing process that Intel has said will give the company industry performance leadership by 2025.
  5. Spin-off Possibility: Zinsner dismissed the possibility of a spin-off where Intel would separate its product and foundry businesses. He emphasized the benefits of the combined model, particularly in driving technological improvements on the leading edge nodes.


Analysts Reiterate Positive Outlook for Darden Restaurants and Maintain Price Targets


  • Mizuho: Analyst Vijay Rakesh reiterated a Neutral rating and maintained a $30 price target.
  • Benchmark: Analyst Cody Acree also reiterated a Buy rating and a $39 price target.
  • Needham: Analyst Quinn Bolton gave Intel a Buy rating, with a price target of $36.
  • Jefferies: Analyst Mark Lipacis has raised the price target to $35.
  • BofA Securities: Analyst Vivek Arya raised the price target to $32, up from $28.


Analyst David Tarantino (BAIRD) has currently the highest performing score on DRI with 18/20 (90%) price target fulfillment ratio. His price targets carry on an average of $18.27 (22.34%) potential upside and are fulfilled within an average of 310 days..


Daily stock Analysts Top Price Moves Snapshot