UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on Accenture plc Following Weaker F4Q Outlook

In a report published Friday, Jefferies analyst Jason Kupferberg reiterated a Hold rating on

, but lowered the price target from $73.00 to $71.00. In the report, Jefferies noted, “ACN's F4Q outlook was even weaker than its F3Q print, as management's tone on demand worsened considerably, amid an environment where clients in certain markets have slowed spending, while consulting revenue conversion cycles continue to elongate more than ACN had anticipated. ACN has been a great ‘hideout' stock but that likely changes now given more challenged fundamentals. Maintain Hold.” Accenture plc closed on Thursday at $80.22.