The Dublin-based company provides management consulting, technology and outsourcing services.
The higher price target comes after the company posted better-than-expected earnings for the 2016 second quarter last week.
Accenture reported earnings of $1.34 per share, topping analysts' estimates of $1.18 per share. Revenue rose by 6% to $7.9 billion, higher than Wall Street's expectations of $7.72 billion.
"ACN continues to use its strength in digitalization, cloud services and security to gain market share (digital related services grew 25%+ in the quarter)... However, we do note that about 2% of overall revenue growth in the quarter was inorganic, and contributed about 4% in consulting related revenues," Barclays said in an analyst note.
However, there is continued macro uncertainty in emerging markets such as China, Brazil and Russia and the firm remains sensitive to valuation in the near term.
Shares of Accenture are advancing by 0.87% to $115.30 at the start of trading on Monday.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of A- on the stock.
This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks rated.
The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and notable return on equity.
The team believes its strengths outweigh the fact that the company shows low profit margins.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: ACN