(CercleFinance.com) – The analyst firm confirms its advice to hold on to the value with a target lowered from $310 to $290. The group announced a better-than-expected profit for the fourth quarter, but also unveiled forecasts below expectations for its new fiscal year.
The consultancy group said its net profit reached $1.69 billion in the three months to August 31, the fourth quarter of its staggered fiscal year, from $1.44 billion a year earlier. For the new current fiscal year, the American group says it expects earnings per share (EPS) of between 11.09 and 11.41 dollars, while analysts expected an average of 12 dollars per title.
“We are lowering our 2023 Adjusted EPS estimate by $0.74 (-6%) to $11.40, primarily due to larger than expected adverse currency factors,” Jefferies said.
‘Although the constant currency revenue forecast for the full year (+8-11% YoY) is 200 basis points lower than our estimate, the current outlook seems reasonable given growing macroeconomic uncertainty’ adds the analyst.
“As clients have not yet finalized their budgets for 2023, our confidence in the forecast is lower than usual,” Jefferies said.
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