Accenture (ACN) Shares Higher as Traders, Analysts Cheer Q4 Earnings Report
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Shares of Accenture (NYSE: ACN) are up more than 1.5 percent Wednesday afternoon following fourth-quarter results from the consulting and outsourcing company.
The company posted quarterly revenue of $6.69 billion and earnings per share of $0.91. Bookings reached a record $8.4 billion, leading to a total yield of $28.8 billion for the fiscal year.
Management noted clients are financially better off and also more aware of the current macro challenges than they were in previous quarters. This has pushed many clients to undertake major transformations as the need to be more competitive is becoming more obvious.
Accenture sees fiscal 2012 bookings between $28 and $31 billion and sales up 7 to 10 percent. Earnings per share for the year expected to hit a range of $3.80-$3.88. Operating margin is expected to rise 10 to 30 bps.
Analysts on the Street maintain a mostly bullish outlook for Accenture following the quarterly figures.
Wells Fargo reiterated an Outperform rating and valuation range of $65 to $70. The firm believes the company is well managed and is in a position to gain market share.
A Wells Fargo analyst increased his 2012 earnings estimate from $3.76 to $3.83 and set a 2013 estimate at $4.27. Revenue for 2012 and 2013 is forecast to be $27.6 billion and $29.5 billion, respectively.
Goldman Sachs reaffirmed a Buy rating and raised its price target from $60 to $62. The firm notes Accenture's growth model does not only depend on sales growth but also earnings and free cash flow growth.
One Goldman analyst said while the macro backdrop remains limited, he still anticipates double-digit return potential on shares of Accenture.
Goldman increased its 2012 estimate from $3.68 to $3.83 and its 2013 earnings estimate from $4.19 to $4.32. Revenue for the two years was raised slightly to $26.973 billion and $28.693 billion, respecitvely. The firm introduced its 2014 estimates at $4.48 and $30.414 billion.
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The company posted quarterly revenue of $6.69 billion and earnings per share of $0.91. Bookings reached a record $8.4 billion, leading to a total yield of $28.8 billion for the fiscal year.
Management noted clients are financially better off and also more aware of the current macro challenges than they were in previous quarters. This has pushed many clients to undertake major transformations as the need to be more competitive is becoming more obvious.
Accenture sees fiscal 2012 bookings between $28 and $31 billion and sales up 7 to 10 percent. Earnings per share for the year expected to hit a range of $3.80-$3.88. Operating margin is expected to rise 10 to 30 bps.
Analysts on the Street maintain a mostly bullish outlook for Accenture following the quarterly figures.
Wells Fargo reiterated an Outperform rating and valuation range of $65 to $70. The firm believes the company is well managed and is in a position to gain market share.
A Wells Fargo analyst increased his 2012 earnings estimate from $3.76 to $3.83 and set a 2013 estimate at $4.27. Revenue for 2012 and 2013 is forecast to be $27.6 billion and $29.5 billion, respectively.
Goldman Sachs reaffirmed a Buy rating and raised its price target from $60 to $62. The firm notes Accenture's growth model does not only depend on sales growth but also earnings and free cash flow growth.
One Goldman analyst said while the macro backdrop remains limited, he still anticipates double-digit return potential on shares of Accenture.
Goldman increased its 2012 estimate from $3.68 to $3.83 and its 2013 earnings estimate from $4.19 to $4.32. Revenue for the two years was raised slightly to $26.973 billion and $28.693 billion, respecitvely. The firm introduced its 2014 estimates at $4.48 and $30.414 billion.
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