UPDATE: Stifel Nicolaus Increases Target to $70 on Accenture

Stifel Nicolaus raises its price target $1 to $70 on Buy-rated Accenture

as guidance raise validates above-consensus view. Stifel Nicolaus says, "Management's confidence and tone have definitely improved, terms such as “uncertainty” and “volatility” used in December were absent from this call. Management's improving confidence reflects better visibility on CY12 IT budgets and another solid quarter of revenue and bookings growth. We believe this should be viewed as a positive data point for the entire industry." ACN closed at $63.62 a share on Thursday.