ACCENTURE'S THICK FILE OF CONTRACTS

Who's afraid of the Wall Street credit meltdown?

Accenture (ACN), a leading global provider of management and technology consulting services, has enjoyed expansion unimpeded by the weak economy or the raging financial crisis, as more companies outsource efforts to streamline their operations and tech systems. And "because of long-term contracts with clients in 48 countries, Accenture has been able to deliver and sustain solid growth," according to John Maloney, president of M&R Capital Management, which owns shares. Accenture helps clients in 17 industries identify new businesses and tech trends and boost productivity.

Accenture is an enticing play since its stock is "selling at a reasonable value," says Maloney. It is now trading at 36.58 a share, down from 43 on Sept. 19. He figures it will hit the high 40s in a year.

Dylan Cathers of Standard & Poor's, who rates Accenture a strong buy, says that in spite of the possibility of a slowdown in corporate spending on info tech, the outlays for services remain healthy. So Accenture is in a good position to ride out near-term effects. "Its strong consulting practice should benefit as companies look for ways to cut costs and restructure businesses," says Cathers. He figures Accenture earned $2.64 a share in fiscal 2008 ended Aug. 31, up from 2007's $1.97. For 2009, Cathers expects $2.87.

Unless otherwise noted, neither the sources cited in Inside Wall Street nor their firms hold positions in the stocks under discussion. Similarly, they have no investment banking or other financial relationships with them.

Inside Wall Street is posted at businessweek.com/investor at 5 p.m. EST on Thursdays.