Citi Maintains Buy on Accenture
Citi is out with its report today on Accenture (NYSE: ACN), maintaining Buy.
In a note to clients, Citi writes, "Following our recent China trip, we hosted a 'Telepresence' meeting with Mr. Gong Li, Accenture's Chairman of Greater China. We believe China is an important and attractive component of Accenture's overall emerging markets opportunity set. In our view, Accenture (in China) has an advantage over most of its more narrowly-focused competition. This emerging market strength is one of the keys to sustaining a steady, above-average growth rate at ACN and combined with modest margin improvement, a solid buyback and (we believe) a rising dividend make ACN an attractive investment idea in spite to its year-to-date stock appreciation. Buy ACN."
Citi maintains a $66 PT on ACN.
Shares of ACN closed Monday at $59.98, down 1.19% from Friday's close.
