Deutsche Bank (DB) reiterated its "Buy" rating and price target of $71 on Accenture Plc (NYSE:ACN), saying the company's conservative guidance sets the stage for potential upside.
"ACN reported strong rev of $7.1bn (17% Y/Y, 14% CC) and EPS of $0.96, handily beating our ests of $6.9bn (13.5% Y/Y) and $0.93," DB analyst Bryan Keane said in a note.
"Although ACN's growth and pipeline remains robust (not seeing any material weakness), ACN guided conservatively given the macro backdrop, reiterating 7-10% CC rev growth and lowering its FY12 EPS range by $0.04 due to a 1% f/x headwind. Despite the f/x hit, we are maintaining our FY12 and FY13 EPS," Keane wrote.?
On Friday, ACN is down 4.99 percent to $53.30. The stock has been trading in the 52-week range between $46.00 and $63.66.
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