Accenture Cut to “Neutral” at Goldman Sachs; Target Lowered (ACN)

Consulting and outsourcing company Accenture Plc (ACN) on Wednesday caught a big downgrade from analysts at Goldman Sachs.

The firm said it cut its rating on ACN from “Buy” to “Neutral,” citing slower expected growth in 2012 along with a weak macroeconomic picture. Goldman also lowered its price target on ACN from $62 to $57, suggesting a smaller 8% upside to the stock’s Tuesday closing price of $52.63.

Accenture shares fell 43 cents, or -0.8%, in premarket trading Wednesday.

The Bottom Line
Shares of Accenture (ACN) have a 2.57% dividend yield, based on last night’s closing stock price of $52.63. The stock has technical support in the $48-$50 price area. If the shares can firm up, we see overhead resistance around the $54-$56 price levels.

Accenture Plc (ACN) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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