Accenture’s Target, Estimates Cut at Barclays Capital (ACN)

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Tech services and outsourcing company Accenture Plc ( ACN ) saw its price target and earnings estimates lowered on Tuesday by analysts at Barclays Capital.

The firm lowered its price target on ACN $48 from $52, citing foreign exchange concerns. That new target still represents a nearly 24% upside to the stock's Monday closing price of $38.81.

Barclays also cut its 2010 and 2011 EPS estimates for ACN to $2.61 and $2.97, respectively, but maintained its "Overweight" rating.

Accenture shares fell 15 cents, or -0.4%, in premarket trading Tuesday.

The Bottom Line
We had removed shares of ACN from our recommended list back on May 14, when the stock was trading at $40.82. The company has a 1.93% dividend yield, based on last night's closing stock price of $38.81. The stock has technical support in the $35 price area. If the shares can firm up, we see overhead resistance around the $43 price level. We would remain on the sidelines for now.

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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