Goldman Raising Price Target On Accenture (ACN)

Goldman Sachs is raising its estimates and price target on Accenture Plc ACN. It's moving its price target to $53, but is keeping its Buy rating on shares. In a note sent to clients, Goldman writes, "Following reported 1QFY11 results we are raising estimates for FY11-FY13. For FY11 we raise our EPS by $0.06 to $3.16 (+18% yoy) on total revenues of $23.6 bn (+10% yoy). For FY12 we raise our EPS by $0.06 to $3.63 (+15% yoy) on revenues of $25.3 bn (+7% yoy). For FY13 we raise our EPS estimate by $0.06 to $4.12 (+14% yoy) on revenues of $27.1 bn (+7% yoy). Consistent with our EPS increases, we are raising our 12-month price target to $53 from $50 previously, suggesting 14% upside potential." Shares of ACN are up $4.05 to $50.72, a gain of 8.7%.