UPDATE: Stifel Nicolaus Raises PT on Accenture to $67

Stifel Nicolaus is out with its report today on Accenture (NYSE: ACN), raising its PT from $65 to $67.

In a note to clients, Stifel Nicolaus writes, "Last night after the close, ACN reported F3Q (May). In summary, F3Q validates our thesis that the market is underestimating the earnings power of ACN at this stage of the economic cycle. We are increasing our 6-9 month target price from $65 to $67 which is 15x our CY12 EPS estimate ($4.00) ex cash ($7/sh)."

At the time of posting, shares of ACN were trading pre-market at $57.59, up 3.41% from Thursday's close.