Morgan Stanley Maintains Overweight on Accenture Plc

Morgan Stanley is out with its report today on Accenture Plc ACN, maintaining Overweight. In a note to clients, Morgan Stanley writes, "ACN remains our highest conviction IT services name following F3Q results that delivered solid revenue and EPS upside, as shown in the nearby table. We believe that the company's strong consulting revenue growth of 23% yoy (+17% in local currency) supports our thesis that Accenture's deep client relationships and renowned industry/domain expertise are reemerging as unique competitive differentiators in the midst of a secular shift in client priorities toward 'high-value' from 'low-cost.' Morgan Stanley maintains a $66 PT on ACN. Shares of ACN closed Thursday at $55.69, up 0.80% from Wednesday's close.