UPDATE: BMO Capital Markets Lowers PT on Accenture Following Weak May Quarter Revenue/EPS

In a report published Friday, BMO Capital Markets analyst Keith Bachman reiterated a Market Perform rating on Accenture ACN, but lowered the price target from $74.00 to $72.00.

In the report, BMO Capital Markets noted, “We think that lack of any signs of rebound in consulting will worry investors who had expected consulting to improve owing to strong signings in past few quarters. In addition, we think that slower-than-expected revenue growth in outsourcing will alter investor expectation about Accenture's revenue growth potential in FY14. Net, we think that a weaker macro demand environment has finally caught up to Accenture after every major tech vendor has now reported weak results in CY13.”

Accenture closed on Thursday at $80.22.