UPDATE: Bank of America Raises PO to $72 on Accenture Post Q4 Results
Bank of America reiterated its Neutral rating on Accenture (NYSE: ACN) and increased its price objective from $63 to $72.
Bank of America said, "4QF12 (Aug) sales were 1% above consensus, but EPS was in line due to a higher tax rate. 4Q bookings of $9.2bn were the highlight of the quarter. Bookings were $1.3bn above our forecast. We are raising our FY13 EPS estimate by $0.20 to $4.26 (+11% YoY) and our FY14 EPS estimate by $0.11 to $4.69 (+10% YoY). We expect ACN shares to react positively. Considering this, we think valuation is reasonable but see limited upside. We are increasing our price objective by $9 to $72 or 16.5x our CY13 EPS estimate of $4.35."
Accenture closed at $65.38 on Thursday.
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