India's IT stocks down after Morgan Stanley cuts TP on Accenture

Accenture

23/06/2026 05:17

** India's IT index .NIFTYIT down 1.65%
** Stocks down after Morgan Stanley cuts target price on Accenture ACN.N to $130 from $177, flags managed services deal decline of 15% y/y
** Accenture seen as bellwether for larger IT industry, Indian IT services cos largely dependent on managed services deals
** Brokerage says bookings decline of 3% y/y has caused lack of visibility into FY27
** Jefferies says total addressable market of traditional services offerings shrinking faster as AI and agentic capabilities advance
** War in Middle East also putting pressure on weak discretionary spend by clients - brokerage
** Nifty IT down 28.3% YTD

 (Reporting by Abhirami G in Bengaluru)
 ((abhirami.g@thomsonreuters.com))