Morgan Stanley Overweight on Accenture Plc
Morgan Stanley is out with a research report on Accenture Plc (NYSE: ACN) and it has an Overweight rating and a $66 price target on shares.
In a note to clients, Morgan Stanley writes, "Accenture's solid earnings beat and larger than anticipated dividend raise should create the positive near-term catalysts that we anticipated in our F4Q preview note. Further, the company's ability to deliver healthy revenue upside while simultaneously achieving record quarterly bookings demonstrates the defensibility of the model in a weakening economy. We believe this supports our thesis that the shares will outperform for the first ~12 months of a recession (as they have historically); and ACN therefore remains our top-pick within the IT services space, given the macro concerns facing the broader economy."
Shares of ACN gained $1.73 yesterday to close at $53.65.
