Wedbush Starts Accenture plc (ACN) at Outperform
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Wedbush initiates coverage on Accenture plc (NYSE: ACN) with a Outperform rating and a price target of $125.00.
Analyst Moshe Katri commented, "We are initiating coverage with an OUTPERFORM rating, $125 price target, as we believe results will likely continue to benefit from recent investments in SMAC offerings as well as from an aggressive global delivery model which will likely provide incremental growth and scale. Furthermore, management has had a long, consistent track record of returning cash to shareholders. The time to own the stock will likely be post-Q4/FY16's earnings release (Sept. 29th), where we expect management to provide cautious guidance/commentary. Accenture's stock currently trades at 19.7X our projected FY17E adj. EPS, while generating a 5.3% FCF yield."
Shares of Accenture plc closed at $112.30 yesterday.
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