UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on Accenture plc
In a report published Wednesday, BMO Capital Markets reiterated its Market Perform rating on Accenture plc (NYSE: ACN), and raised its price target from $69.00 to $72.00.
BMO Capital Markets noted, “We think that Accenture continues to execute very well and gain share in both the consulting and outsourcing markets. We expect Accenture to have another strong bookings quarter in the Nov Q and think that bookings will be between $8.0 billion and $8.5 billion, and more likely closer to $8.5 billion...We retain our Market Perform rating on Accenture, held back by valuation. On a relative to S&P 500 basis, Accenture trades at a 1.23x S&P 500 NTM multiple, versus the last three-year average of 1.11x. Hence, while we think that Accenture is executing well in an uncertain tech spending environment, we believe its valuation is full at current levels.”
Accenture plc closed on Tuesday at $71.33.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.