UPDATE: Stifel Nicolaus Lowers PT on Accenture Following F3Q Results

In a report published Friday, Stifel Nicolaus analyst David Grossman reiterated a Buy rating on Accenture ACN with a Buy rating, but lowered the price target from $88.00 to $86.00.

In the report, Stifel Nicolaus noted, “ACN reported F3Q results last night after the close. Revenue of $7.2bn was below both consensus ($7.4bn) and guidance ($7.25-$7.50bn). Adjusted EPS of $1.14 was in line with consensus ($1.13) but included $0.03 from a lower tax rate. Consulting was flat at cc, below guidance of low single-digit growth and outsourcing grew 7%, below recent double-digit trend. Management lowered FY13 revenue growth guidance to 3-4% cc (down from 5.0-6.5%), below consensus of 6.0% (cc) going into the report. Similarly, management lowered EPS guidance from $4.24-$4.30 to $4.18-4.22, which is below consensus of $4.30 and includes a $0.03 incremental headwind from F/X. Both F4Q revenue guidance of $6.7bn-7.0bn and implied EPS guidance of $0.98-$1.02 are below consensus ($7.4bn/$1.09).”

Accenture closed on Thursday at $80.22.