Societe Generale Raises Price Target on Accenture; “Hold” Rating (ACN)

On Friday analysts at Societe Generale maintained a “Hold” rating for consulting and outsourcing firm Accenture plc (ACN), but boosted its price target on a strong consulting forecast.

The analysts raised the valuation of ACN from $71 to $74. The new target is a +6.5% upside from Friday’s closing price of $69.48.

Societe Generale commented, “Accenture is to report Q1 13 (to end-November) results on 19 December. We expect $7,273m (+3%) in revenues and $1.06 EPS, in line with cons. at $7,298m and $1.04. … We forecast consulting (56% group sales) to reach $4bn in revenue (-1% reported, +1% in local currency). Note that the first two quarters of FY13 face tough comps vs FY12: Q1 +11%lc and Q2 +8%lc. We believe Consulting will bottom out in Q2 as record consulting bookings in H2 12 convert to revenues albeit at a slow rate.”

Accenture shares were flat in premarket trading on Monday. The stock is up +31.09% year-to-date.

The Bottom Line
Shares of Accenture (ACN) have a 2.33% dividend yield, based on Friday’s closing stock price of $69.48. The stock has technical support in the $63-$65 price area. The stock is trading near all-time highs.

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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