UBS Raises Price Target on Accenture (ACN) to $125; Remains Sidelined
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UBS reiterated a Neutral rating on Accenture plc (NYSE: ACN), and raised the price target to $125.00 (from $115.00), following the company's 4Q earnings report.
Analyst Michael Briest commented, "Accenture closed out 2016 with a strong 9% growth rate in Q4, led by Products (+18%), which is expected to remain the strongest vertical in 2017 as digital initiatives remain a key priority. Digital was reported to make up $9.5bn of group sales in the year and to have grown 30% at c/c. This implies c4% growth in non-Digital activities and as this includes c$4bn from other parts of the "New" (cloud and security), it means that traditional service activities were likely very low-growth. If Digital grows at 25% in 2017, we calculate it would imply just 1% growth in non-Digital activities at the highend of the 5-8% range. Nonetheless, Accenture still seems well-placed to capitalise on the Digital opportunity, both organically and through further M&A (2017E c$1bn). It also seems committed to repositioning its legacy businesses for optimum profitability."
Shares of Accenture plc closed at $121.64 yesterday.
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