Jefferies Assumes Coverage on Accenture at Hold

Jefferies is out with its report today on Accenture ACN, assuming coverage of ACN at Hold. In a note to clients, Jefferies writes, "In our view, over the past 9-12 months, shares of Accenture have benefited not just from improved fundamentals and strong execution but, in our view, also from being viewed as a QE2/weak dollar play. We think F11 YTD results may be as good as it gets for ACN – sentiment is already very positive, the stock has outperformed, and we would not recommend chasing shares at current levels." Jefferies lowers its PT on ACN from $60 to $58.