J.P. Morgan Overweight on Accenture
J.P. Morgan Chase & Co. is out with a research report on Accenture plc (NYSE: ACN) and it has an Overweight rating and a $64 price target on shares.
In a note to clients, J.P. Morgan Chase & Co. writes, "ACN results came in ahead of what even many optimistic investors were hoping for. The company also prudently maintained its FY12 revenue guidance of 7-10% (in local FX) but the bear view of macro induced growth slowdown also remains unchanged. While no company is completely immune to macro deterioration, we believe ACN should prove to be relatively more defensive than peers. We expect a positive stock price reaction. While the results should benefit other IT services stocks as well, we believe the strength in ACN results stemmed in part from its potential share gains and also from its unique consulting/outsourcing services. We remain OW on ACN given its scale, management depth, client relationships, and diversification."
Shares of ACN are up $1.87 in pre-market trading to $55.52.
