Morgan Stanley Maintains Overweight on Accenture

Morgan Stanley is out with its report today on Accenture ACN, maintaining Overweight. In a note to clients, Morgan Stanley writes, "ACN remains our highest conviction IT services name headed into its F3Q print. Our thesis is that the company will capture incremental market share and achieve above-average top-line growth over the near- to medium-term as client priorities make a secular shift from 'low-cost' to 'high-value.' Now that offshore capabilities are becoming more ubiquitous, we think that Accenture's consulting heritage and renowned domain/industry expertise are reemerging as unique competitive differentiators." Morgan Stanley maintains a $63 PT on ACN. Shares of ACN closed Monday at $53.96, up 0.02% from Friday's close.