With weak IT spending in hardware and software, it shouldn't come as a huge surprise that conditions have softened in the service area as well. That's bad news for Accenture (NYSE:ACN), as well as rivals like IBM (NYSE:IBM) and Cognizant (Nasdaq:CTSH), and Accenture is seeing both sluggish bookings in consulting as well as a slower process of converting those bookings into revenue. While current conditions aren't the best, Accenture is a company built to win over the long term, and today's valuation is interesting for investors willing to be patient during this downturn.
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Investopedia: Weak Consulting Stings Accenture, But The Valuation Is Interesting
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