Barclays Reiterates an 'Overweight' on Accenture (ACN); Strong Growth Drivers; Valuation Attractive

Barclays reiterates an 'Overweight' on Accenture plc (NYSE: ACN), PT increased from $65 to $67.

Barclays analyst says, "ACN reported record quarterly results driven by strong local currency growth of 15%, with broad-based strength across industry verticals and geographies. Operating margins declined 30 bps Y/Y, but would have been up excluding a non-operating provision, with management reiterating confidence in full-year margin expansion for the year even including impact from this item. Management raised the FY 2011 local currency revenue growth outlook to 14-15% (vs. prior of 11-14%), with EPS guidance moving up to $3.36-3.40 from prior $3.22-3.30 (including a slightly lower tax rate, but implied FX benefits in line with our model). Bookings are now trending at the upper end of management's FY 2011 guidance (with an anticipated, lighter consulting book-to-bill ratio expected to move back up into the target range next quarter)."

For more ratings news on Accenture plc click here and for the rating history of Accenture plc click here.

Shares of Accenture plc closed at $55.69 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Viking Holdings (VIK) PT Raised to $82 at Mizuho
• Advance Auto Parts (AAP) PT Lowered to $48 at DA Davidson Following 25% Selloff Post Q2 Results
• Rockwell Automation (ROK) PT Lowered to $490 at DA Davidson