Accenture’s Estimates Cut at Citigroup on Forex Effects (ACN)

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Consulting and outsourcing company Accenture Plc ( ACN ) on Tuesday saw its earnings estimates lowered by analysts at Citigroup.

The firm said it cut its estimates on ACN through 2012, citing negative effects from foreign currency translation. Accenture is based in Dublin, Ireland and is susceptible at times to currency movements.

Still, Citigroup maintained its "Buy" rating and $66 price target for ACN, suggesting a 27% upside to the stock's Monday closing price of $51.92.

Accenture shares were unchanged in premarket trading Tuesday.

The Bottom Line
Shares of Accenture ( ACN ) have a 1.73% dividend yield, based on last night's closing stock price of $51.92. The stock has technical support in the $47-$50 price area. If the shares can firm up, we see overhead resistance around the $55 price levels.

Accenture Plc ( ACN ) is not recommended at this time, holding a Dividend.com 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 .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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