UPDATE: Berenberg Upgrades Accenture plc (ACN) to Buy
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Price: $314.54 +0.19%
Rating Summary:
25 Buy, 14 Hold, 0 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 11 | Down: 13 | New: 18
Rating Summary:
25 Buy, 14 Hold, 0 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 11 | Down: 13 | New: 18
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(Updated - March 11, 2014 8:26 AM EDT)
Berenberg upgraded Accenture plc (NYSE: ACN) from Hold to Buy with a price target of $94.
Analyst Daud Khan said, "Over the past year the stock has been volatile with a one-year performance of 9%. Looking beyond FY14, we believe that Accenture's cash conversion will improve towards historical norms (neutral to small negative working capital requirements); consensus expectations for FY15 suggest an absolute revenue increase of c$1.5bn, which in our view is a very reasonable assumption (FY14 guidance is for a c$1.3bn increase). Based on these expectations we raise our recommendation to Buy and increase our price target to $94 based on an unlevered FCF yield of 5.7% on FY15E. This adjusts for stock compensation. On an earnings basis this would put the stock on 19.6x 2015E."
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 $84.04 yesterday.
Berenberg upgraded Accenture plc (NYSE: ACN) from Hold to Buy with a price target of $94.
Analyst Daud Khan said, "Over the past year the stock has been volatile with a one-year performance of 9%. Looking beyond FY14, we believe that Accenture's cash conversion will improve towards historical norms (neutral to small negative working capital requirements); consensus expectations for FY15 suggest an absolute revenue increase of c$1.5bn, which in our view is a very reasonable assumption (FY14 guidance is for a c$1.3bn increase). Based on these expectations we raise our recommendation to Buy and increase our price target to $94 based on an unlevered FCF yield of 5.7% on FY15E. This adjusts for stock compensation. On an earnings basis this would put the stock on 19.6x 2015E."
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 $84.04 yesterday.
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