Accenture Plc (ACN) is riding the AI wave, but don't expect a tsunami just yet. The consulting giant's first-quarter earnings call painted a picture of solid momentum tempered by practical reality.

The company told investors that client demand has climbed steadily over the past nine quarters, with roughly 100 incremental clients launching AI projects during that stretch. That's the good news. The reality check? Most of these AI deployments are still in their infancy, requiring substantial work before they can scale across entire organizations. And right now, AI projects make up only a small slice of Accenture's total client base.

RBC Capital Markets analyst Daniel R. Perlin saw enough to like, bumping his price target from $285 to $295 while maintaining an Outperform rating. He pointed to the company's expanding AI partnership ecosystem as a long-term growth catalyst worth paying attention to.

Perlin adjusted his projections slightly, now expecting revenue and adjusted EPS of $73.8 billion and $13.87 for fiscal 2026, nudging up from $73.56 billion and $13.87. For fiscal 2027, he's forecasting $77.6 billion in revenue and $14.95 EPS, down modestly from earlier estimates of $78.2 billion and $15.25.

The Numbers Look Solid

Accenture delivered first-quarter 2026 earnings of $3.94 per share on Thursday, beating the consensus estimate of $3.75. Revenue came in at $18.700 billion, topping expectations of $18.523 billion.

New bookings jumped 12% in U.S. dollars to $20.94 billion, or 10% in local currency. Advanced AI bookings specifically reached $2.2 billion for the quarter.

The company now expects fiscal 2026 GAAP EPS between $13.12 and $13.50, slightly below its previous guidance of $13.19 to $13.57 and under the analyst consensus of $13.56.

Accenture shares traded up 1.99% at $275.32 on Friday.