Goldman Sachs Raises PT and EPS Est. on Accenture (ACN), Maintains Neutral

Goldman Sachs maintained a Neutral rating on Accenture plc (NYSE: ACN) but raised their price target of $60.00 (from $58.00).

Analysts at Goldman said "we believe that the key drivers of ACN’s global model, namely corporate profit growth and real GDP, will remain in positive territory but are poised for deceleration in 2013."

"Consistent with our Cautious Consulting and Outsourcing coverage view, we believe that lower IT spend on slower corporate profit growth, among the highest correlation factors with ACN’s CC revenue growth model, will weigh on FY13 growth. In line with this view, we expect slower CC revenue growth of +5.1% yoy in FY13 down from +10.8% yoy in FY12," said analyst Julio C. Quinteros Jr.

"Consistent with our higher EPS, we raise our 12-month price target to $60 from $58, reflecting a CY13E P/E of 13.8X on our revised EPS of $4.35 (from $4.17)."

For an analyst ratings summary and ratings history on Accenture plc click here. For more ratings news on Accenture plc click here.

Shares of Accenture plc closed at $65.19 yesterday.

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