Deutsche Bank Has Buy Rating On Accenture (ACN)

Deutsche Bank is out with a research report Accenture Plc ACN after the company reported better than expected earnings yesterday. It has a $56 price target, up from $50, and a Buy rating. In a note sent to clients, Deutsche Bank writes, "After delivering strong F1Q results and raising F11 guidance, it's clear that Accenture is well positioned for continued growth as global macros rebound. CEO Bill Green hands over the helm to Pierre Nanterme next month in the early stages of what we predict will be a promising, multi-year technology investment cycle. We reiterate our Buy rating and raise our TP from $50 to $56 based on ACN's stronger pipeline in F11, superior cash flow dynamics and attractive valuation, especially when accounting for cash." Shares of ACN are skyrocketing this morning, gaining $3.80 to $50.47, a gain of 8.1%.