J.P. Morgan Reports ACN F2Q11 Results

J.P. Morgan has issued a report on the F2Q11 results for Accenture PLC ACN. According to J.P. Morgan, “F2Q11 revenue/EPS of $6,054M/$0.75 compared with JPMe of $5,785M/$0.71, consensus of $5,768M/$0.71 and the company's guidance of $5.6-5.8b. Revenue grew at a very solid 18% rate in local currency (consulting 20%/outsourcing 15%) and was strong across the board, representing the highest level of growth since 2001. F2Q11 consulting bookings of $3.8B compared with our estimate of $3.7B, while outsourcing bookings of $3.2B were also ahead of our $3.0B estimate.” ACN has a $63.00 Price Target and closed at $51.96 yesterday.