Stifel Nicolaus reported on Wednesday that it has raised its price target on outsourcing provider, Accenture Plc (ACN).
The firm has reiterated a “Buy” rating on ACN, and had increased its price target from $79 to $80. This price target suggests a 4% increase from the stock’s current price of $76.41.
An analyst from the firm commented, “in sum, we expect solid fundamentals with growth accelerating in the back half of the year consistent with previous guidance. There are several factors driving improving fundamentals and accelerating growth including easing comparisons, double digit growth in consulting bookings over the past 24 months which are beginning to convert to revenue, the re-emergence of smaller quick turn projects in the pipeline last quarter and stable economic fundamentals.”
Accenture shares were mostly flat during Wednesday afternoon trading. The stock has increased 21% in the past year.
The Bottom Line
Shares of Accenture Plc (ACN) have a 2.12% yield, based on Wednesday afternoon’s price of $76.36.
Accenture Plc (ACN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.