UPDATE: Goldman Sachs Reiterates Neutral Rating, Raises PT on Accenture

In a report published Monday, Goldman Sachs Group reiterated its Neutral rating on Accenture (NYSE: ACN), and raised its price target from $63.00 to $69.00.

Goldman Sachs noted, “Our FY1Q revenue/EPS estimates of $7.28 bn (+2.9% reported; +5.6% CC basis)/$1.06 are unchanged. Although we retain our estimates, we are raising our 12-month price target to $69 (from $63) reflecting sustained multiple expansion in the Consulting and Outsourcing group (+14% YTD), and increased confidence in our EPS outlook for ACN given its strong capital allocation and an intact demand backdrop – note our recent tech growth forecast of 3% for 2013, up from 2% growth in 2012.”

Accenture closed on Friday at $70.21.

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