Why Accenture Stock Flew Higher on Friday
The only significant news item about (NYSE: ACN) Friday was a positive one -- a top investment bank upgraded its recommendation on the stock and cranked its price target higher. The shares experienced a modest rally as a result, ultimately closing the day a little over 1% higher. That was high enough to beat the 0.3% rise of the S 500 index.
The finance sector mainstay in question was Goldman Sachs. Well before market open, its analyst, James Schneider, flipped his recommendation on Accenture stock to buy from his preceding neutral. His new price target on the shares is $420 apiece, where formerly it was $370.
According to reports, Schneider pointed out that the company is the top provider in the world for its specialty, IT services. Its time is coming, the pundit believes, as cyclical headwinds from client industries like finance and healthcare are starting to fade. In fact, Accenture is one of the businesses best positioned to benefit from this development.
Source Fool.com
Accenture plc A Stock
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