Editor’s Note: Related tickers: Accenture Plc (NYSE:ACN), International Business Machines Corp. (NYSE:IBM), Cognizant Technology Solutions Corp (NASDAQ:CTSH)
Accenture Plc (NYSE:ACN)‘s stock had its “market perform” rating reiterated by research analysts at BMO Capital Markets in a report released on Friday, AnalystRatings.Net reports. They currently have a $72.00 target price on the stock, down from their previous target price of $74.00. BMO Capital Markets’ price target suggests a potential downside of 10.25% from the company’s current price. The analysts wrote, “We think that lack of any signs of rebound in consulting will worry investors who had expected consulting to improve owing to strong signings in past few quarters. In addition, we think that slower-than-expected revenue growth in outsourcing will alter investor expectation about Accenture’s revenue growth potential in FY14.
Accenture Falls as Forecast Trails, Dragging Down IBM, Cognizant (BusinessWeek)
Accenture Plc (NYSE:ACN), the world’s second-largest technology-consulting company, tumbled the most in four years after its sales forecast trailed analysts’ estimates. The stock fell as much as 14 percent to $69 in New York trading, the biggest intraday decline since March 2009. The plunge dragged down stocks of rivals, including International Business Machines Corp. (NYSE:IBM)…International Business Machines Corp. (NYSE:IBM) slipped 3.1 percent to $189.50 at 10:05 a.m. New York time, while Cognizant Technology Solutions Corp (NASDAQ:CTSH) fell 0.8 percent to $62.60. Before today, Accenture Plc (NYSE:ACN), which ranks second to International Business Machines Corp. (NYSE:IBM) in consulting revenue, had jumped 21 percent this year through yesterday, outperforming International Business Machines Corp. (NYSE:IBM)’s gain of 2.1 percent.
Accenture Wins U.S. Air Force Deal (Nasdaq)
Technology, consulting and outsourcing — Accenture Plc (NYSE:ACN) is blazing the three guns simultaneously. Accenture’s recent win at the U.S. Air Force and some of the other deals that the company has grabbed in the recent past confirms the abovementioned fact. The company has been successful in securing a $42.2 million contract from the Air Force to enhance their financial managementsystem. As per the contract, Accenture Plc (NYSE:ACN) will help in the development of the second phase of the Defense Enterprise Accounting and Management System (DEAMS). DEAMS facilitates data transfer between the U.S. Transportation Command (TRANSCOM) and the Defense Finance and Accounting Service (DFAS).
Accenture PLC (ACN) Posts Quarterly Results (WatchListNews)
Accenture Plc (NYSE:ACN) announced its earnings results on Thursday. The company reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.01, Stock Ratings Network reports. The company had revenue of $7.20 billion for the quarter, compared to the consensus estimate of $7.42 billion. During the same quarter in the previous year, the company posted $1.03 earnings per share. The company’s revenue for the quarter was up .6% on a year-over-year basis. Accenture Plc (NYSE:ACN) updated its FY13 guidance to $4.18-4.22 EPS.
Infosys, TCS, Wipro fall as Accenture cuts outlook (ET)
Shares of Indian technology companies fell after outsourcing and consulting services provider Accenture Plc (NYSE:ACN) cut its full-year outlook, citing a pullback in spending by its consulting business clients. Infosys Ltd fell 0.7 per cent, Wipro was down 0.6 per cent, while Tata Consultancy Services BSE 1.99 % Ltd, which has its annual meet later in the day, was down 0.1 per cent. The US Senate approved a landmark immigration bill on Thursday, which is seen by some investors as hurting Indian IT companies by proposing higher fees and wages for temporary US workers.
