In a report published Monday, Societe Generale reiterated its Hold rating on Accenture ACN, and raised its price target from $58.00 to $71.00.
Societe Generale noted, “Following Accenture's strong FY12 results (to end-August), better-than-expected FY13 guidance and Analyst Day on 11 October, we are upgrading our FY13 revenue and EPS estimates by 4% and 9%, respectively. On our new estimates and revised DCF we are raising our TP to $71 from $58, but maintaining our Hold rating. We believe that Accenture's excellent fundamentals and growth prospects are now largely priced in.”
Accenture closed on Friday at $69.40.
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