Piper sandler believes Accenture, a consulting giant, could be the winner in artificial intelligence. Craig Johnson, chief market technician at the firm, believes the stock will rise to $379 per share. This means that shares could increase by 16% since Wednesday’s closing. Accenture, which has soared by 22.3% over the past year and outperformed the S & P500, hasn’t traded for $379 a share since early in 2022. This one caught my eye because so many CEOs are asking, “What does AI mean for your business?” Johnson spoke on CNBC’s “Power Lunch” Wednesday. “When I take a look at the big chart of Accenture, this base has been forming… this really sets it up for upside,” Johnson said. Johnson called the stock a “stealthy approach to AI.” ACN YTD Mountain 2022-01-03 ACN Since Early 2022 Accenture announced mid-June it would invest $3 billion in the next three year in its data and AI practices, to help company clients in all industries leverage AI. The company said that it also plans to double the number of AI employees to 80,000 through acquisitions, training and hiring. Johnson mentioned Fluor, an engineering and construction company and Baker Hughes as other stocks that could see a rise in value. The chart analyst is not convinced the energy sector is not “really prepared to work” but he believes Baker Hughes will return to its March 20,22 highs. The stock is up 26% in the past year, and it closed Wednesday just 6.9% under its March 2022 high. BKR 1Y Baker Hughes stock. Johnson believes that Fluor of Texas, which has gained nearly 4.4% in this year, will benefit from engineering projects and reshoring as the manufacturing industry grows in the U.S.
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