JP Morgan Maintains Overweight Rating, $64 Target on Accenture

JP Morgan reiterates its Overweight rating and $64 target price on Accenture

as the company posts strong results and reiterates a prudently conservative guidance. JPM comments, "ACN reported very solid F1Q results with revenue/EPS of $7,074M/$0.96 coming in well ahead of JPMe of $6.97B/$0.94 and consensus of $6.89B/$0.94. Revenue grew 14% in F1Q (vs. 15% last quarter). Consulting bookings of $4.2B were also ahead of our $4.1B estimate and represented 10% q/q growth in local FX. Encouragingly, the company's European growth accelerated from 8% last quarter to 10% in F1Q. ...We believe ACN management is being thoughtful of the steep slowdown in demand it experienced in Feb-09, and has likely assumed a bigger buffer in its Feb-12 qtr. guidance for unexpected macro deterioration." ACN closed at $56.13 per share on Thursday.