TMCNet:  Bank of America Merrill Lynch Initiated Coverage Of Accenture (ACN)

[April 20, 2010]

Bank of America Merrill Lynch Initiated Coverage Of Accenture (ACN)

Apr 20, 2010 (SmarTrend News Watch via COMTEX) -- 4/20/2010- Bank of America Merrill Lynch (NYSE:BAC) analysts are initiating Accenture Plc (NYSE:ACN) with a buy rating and $53 price objective.

The bank said, "Accenture (ACN) is a play on IT spending growth through the #4 player with 3% share of the highly fragmented $680bn IT services market. ANC is a "chicken" tech in the sense that it enables an investor to play a tech recovery with limited downside risk based on the company's ability to effectively manage flexible costs. If successful, 7 9% longterm revenue growth, modest margin expansion, and 2% per year reduction in share base should power 12%+ long-term EPS growth. ACN's small share, large addressable market, proven ability to scale, and strong competitive position suggest headroom for growth. Client activity is picking up. Attractive risk/reward." Write to Chip Brian at --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at:

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