Deutsche Tells Investors to Buy Accenture (ACN) on Weakness, Shares Down 4.3% on Day

Accenture Plc (NYSE: ACN) reported strong first quarter results with $7.1 billion in sales and earnings of $0.96 per share, topping Deutsche Bank's estimates of $6.9 billion in sales and earnings of $0.93 per share.

Deutsche notes management's outlook for 2012 is very conservative given the macro back drop. Management reaffirmed its 7-10 percent sales growth while lowering the mid point of its earnings guidance by $0.04.

The firm notes investors should take advantage of any weakness int he stock. Shares are down 4.3 percent on the day.

Deutsche Bank is reiterating its Buy rating and $71 price target on shares of Accenture at this time.

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