Goldman Sachs Upgrades Accenture plc (ACN) to Buy

Goldman Sachs upgraded Accenture plc (NYSE: ACN) from Neutral to Buy with a price target of $90.00 citing consulting inflection, relative positioning, and capital allocation.

"We upgrade ACN to Buy from Neutral as the combination of a stable demand backdrop and expectation for bookings conversion will drive an improvement in the firm’s key Consulting segment," analyst Julio C. Quinteros Jr. said. "Specifically, the recent trajectory on bookings for Consulting has been strong, but the conversion has take longer, leading to slower Consulting revenue growth. Looking ahead, however, we expect that the model will start to show some progress on converting recent bookings/backlog into positive revenue growth."

Goldman raised FY 2013 EPS estimates from $4.28 to $4.33, FY 2014 EPS estimates from $4.69 to $4.83 and FY 2015 EPS estimates from $5.17 to $5.38.

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 $82.24 yesterday.

---

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

---

You May Also Be Interested In

• Freedom Broker Upgrades Serve Robotics (SERV) to Buy
• HSBC Upgrades Digital Realty Trust (DLR) to Buy
• JPMorgan Upgrades Genting Singapore (GENS:SP) (GIGNY) to Neutral