Piper Sandler thinks consulting giant Accenture could come out on top as an artificial intelligence play. Craig Johnson, the firm’s chief market technician, sees the stock climbing to around $379 per share, which implies that shares could gain 16% from Wednesday’s close. Accenture — which has soared 22.3% this year, outperforming the S & P 500 — hasn’t traded at $379 per share since early 2022. “This one catches my attention because with the whole focus on AI, there are so many CEOs that are asking the question, ‘what does AI mean for their business?'” Johnson said Wednesday on CNBC’s ” Power Lunch .” “When I look at a big chart like Accenture, I see this huge base that’s been forming in here … and this really sets itself for upside.” The stock is a “stealthy way to think about AI,” Johnson said. ACN YTD mountain 2022-01-03 ACN since early 2022 Accenture announced in mid-June that it will invest $3 billion over the next three years in its data and AI practice, in efforts to assist company clients across all industries in leveraging AI. The company also said it plans to double its AI talent to 80,000 employees through hiring, acquisitions and training. Johnson also mentioned oilfield services company Baker Hughes and engineering and construction firm Fluor as stocks with potential upside. While the chart analyst said he is not convinced that the energy sector overall isn’t “really ready to work,” he sees Baker Hughes getting back to its March 2022 highs. The stock has gained 26% this year and closed Wednesday’s session just 6.9% below its March 2022 peak. BKR 1Y mountain Baker Hughes stock. Texas-based Fluor, which is up nearly 4.4% this year, could benefit from engineering and reshoring projects as manufacturing increases in the U.S., according to Johnson.
