Accenture price target lowered to $400 from $417 at Morgan Stanley

Morgan Stanley analyst James Faucette lowered the firm’s price target on Accenture to $400 from $417 and keeps an Overweight rating on the shares. While the firm had expected ongoing demand weakness, it admits to having overestimated benefits from M&A and government, pushing it to reduce estimates following the company’s quarterly report. The firm still maintains a cautious IT Services industry view, but maintains Accenture as a “relative” Overweight in that context, the analyst tells investors.