UPDATE: JP Morgan Color on Accenture PT Increase

J.P. Morgan, which raised its PT on shares of Accenture ACN, is providing some color on the stock. “Overall F3Q bookings were solid, and despite lower than expected consulting book-to-bill, we were encouraged to see management raise FY11 bookings guidance to the high end, implying an unusually strong 4Q,” J.P. Morgan writes. “The company attributed the demand strength to various secular changes in global clients' industries such as globalization, efficiency, cloud, new regulations, and mobility, which it believes are strong enough to offset potential impact from the uncertain macro environment. “No business is completely safe from macro shocks, but we feel ACN is relatively well positioned if macro trends persist or deteriorate modestly, acknowledging the late cycle nature of its business.” Accenture closed Thursday at $55.69.