UPDATE: Deutsche Bank Reiterates on Accenture Following Solid Revenue/EPS Report

In a report published Friday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on

, and raised the price target from $82.00 to $92.00. In the report, Deutsche Bank noted, “ACN delivered solid revenues of $7.36bn (1.9% Y/Y, 3% cc) and EPS of $1.15 ($0.02 of tax benefit, $0.03 of reorg benefits) compared to our est. of $7.27bn and $1.10, respectively. ACN delivered solid bookings of $8.7bn beating our estimate of $7.5bn driven by rebound in consulting bookings (1.1x Book to Bill), with the pipeline remaining robust. ACN highlighted double-digit sequential growth in System Integration bookings addressing concerns regarding a secular slowdown from the transition to Cloud. We are raising our FY14 and FY15 EPS by $0.05 and $0.03 to $4.52 and $4.93 respectively. We raise our target price to $92 and reiterate Buy as we believe the late cycle play is well positioned for rebound in CY14.” Accenture closed on Thursday at $79.51.