UPDATE: Citigroup Raises PT on Accenture Ltd. Ahead of 4Q13 Results Report

In a report published Wednesday, Citigroup analyst Ashwin Shirvaikar reiterated a Buy rating on Accenture Ltd. (NYSE: ACN), and raised the price target from $84.50 to $86.00.

In the report, Citigroup noted, “ACN reports 4Q13 results after the close on Sep 26th – we look for a good quarter but also expect FY14 guidance to be mixed relative to expectations. We retain our Buy rating while acknowledging that sentiment is split down the middle in this stock – the bearish view fears the impact of the ongoing ERP slowdown / SaaS mainstream adoption while the bullish view expects a positive inflection in the growth rate, off a beaten-down base. Our Buy rating is based on our belief that there are enough positive factors to offset the impact of the ERP slowdown – we look for outsourcing to pick up some of the slack this year and believe ACN will continue to deliver on the margin and cash-return front.”

Accenture Ltd. closed on Tuesday at $75.50.