Market Overview

UPDATE: Stifel Reiterates on Accenture Following Solid F2Q Report

Related ACN
Stocks Mildly Higher To End The Week
Morgan Stanley Updates Forecast For Accenture PLC
Accenture 2Q Profit Slumps, Misses Street View (Fox Business)

In a report published Friday, Stifel analyst David Grossman reiterated a Buy rating on Accenture (NYSE: ACN), and raised the price target from $86.00 to $92.00.

In the report, Stifel noted, “ACN reported F2Q results this morning before the open. Revenue of $7.4bn (+3% y/y cc) beat consensus ($7.25bn) and was at the high end of guidance ($7.1-$7.4bn after adjusting for f/x). EPS of $1.15 (+8.5% y/y) beat consensus ($1.09) and our above consensus view ($1.11), although it did include $0.02 from a lower tax rate. Upside in the quarter was driven by continued strength in the US (high single digit growth), stability in Europe with expectations of improvement as the year progresses and improving growth in AsiaPac (particularly Japan and Australia). Perhaps the most notable metric in the quarter was a 13% q/q increase in consulting bookings (book:bill 1.1, the high end of their target range) versus flat guidance.”

Accenture closed on Thursday at $79.51.

Posted-In: David Grossman StifelAnalyst Color Price Target Analyst Ratings


Most Popular

Related Articles (ACN)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free