Citi Reiterates Buy on Accenture

Citi released its report last night on Accenture (NYSE: ACN), reiterating Buy.

In a note to clients, Citi writes, "S&P announced earlier this evening that Accenture will be added to the S&P 500 index effective after market close on July 5. ACN will replace Marshall & Ilsley Corp following its acquisition by BMO. Our trading desk has estimated passive demand for ACN shares of approximately 71 million shares, or around 13 days of trading volume, as a result of its inclusion in the index. Shares of Accenture were up approximately 5% in after market trading. We reiterate our Buy rating on Accenture."

At the time of posting, shares of ACN were trading pre-market at $61.03, up 5.61% from Monday's close.