UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Accenture
In a report published Friday, Deutsche Bank reiterated its Buy rating on Accenture plc (NYSE: ACN), and raised its price target from $68.00 to $70.00.
Deutsche Bank noted, “ACN delivered 4Q12 revs of $6.8bn (+2% Y/Y, +9% cc, high end of guidance), above our $6.6bn estimate, and EPS of $0.88 matched our estimate despite an $0.08 headwind from a higher-than-expected tax rate. Positively, ACN guided FY13 revs 5-8% cc (above our 4-7% estimate) and EPS slightly above our estimates mostly due to share buybacks and a lower tax rate. However, we expect leading indicators bookings and headcount growth to moderate in FY13. Accordingly, we are increasing our FY13 and FY14 EPS $0.11 and $0.17 to $4.29 and $4.76, respectively, raising our price target to $70 from $68, and maintaining our Buy rating.”
Accenture closed on Thursday at $65.38.
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