Citi Rates Accenture At Buy

According to Citi, Accenture ACN delivered another solid quarter, with a clean top- and bottom-line beat and raised guidance. Citi said that, while not specifically commenting on FY12 ahead of fiscal 4th quarter results, it indicated its broad 7%-10% constant currency revenue growth guideline would hold, even with the higher FY11 base that is being delivered. “Given relatively clear evidence of a macro slowdown (the duration is in doubt, not the slowdown itself) investors have been skittish about the downstream impact on IT Services.” Accenture closed yesterday at $55.69.