UPDATE: Citigroup Raises PT to $75 on Accenture on Guidance Outlook

Citigroup reiterated its Buy rating on Accenture (NYSE: ACN) and raised its price target from $70 to $75. Citigroup noted, "With fiscal 4Q12 earnings and FY13 guidance coming up on Sep 27th, we note that expectations for ACN remain low. Most investors we have spoken with believe initial constant-currency revenue guidance is likely to be lower than even a 6%-9% range (itself below the range for the past two years). However, we believe factors such as recent share gains and solid outsourcing bookings make such guidance possible. Between the likelihood of such guidance and recent currency volatility that has turned F/X headwind into a neutral for fiscal 2013, we believe ACN's upcoming FY13 guidance could be a favorable event for the stock."Accenture closed at $65.25 on Friday.