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 Dividend.com DARS™ Rating of 3.4 out of 5 stars.