UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Accenture plc Following Revenue Guidance Miss

In a report published Friday, Deutsche Bank analyst Bryan Keane reiterated a Buy rating on

, but lowered the price target from $87.00 to $82.00. In the report, Deutsche Bank noted, “ACN missed rev guidance (first time since 2Q09) posting 3Q13 revs of $7,198 m (+0.6% Y/Y, 3% cc), lower than with our $7,403m (+6% cc Y/Y) estimate, and EPS of $1.14 (ex-items) beat street est. by a penny but came a penny short of our est. Due to weakness in consulting and a deceleration in outsourcing (blaming macro demand, Europe, Brazil, ERP softness and bookings conversion), ACN cut FY13 guidance. We were surprised by the negative change in tone and the cut to 4Q13 eps (not safe haven investors thought but likely just late cycle).” Accenture plc closed on Thursday at $80.22.