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No they don't. I had a counter offer on top of my JPMC offer but the recruiter didn't agree to even match it. It was Take It or Leave It kind of deal.
It depends on case by case basis. There is no hard and fast rule for this. In many cases they don't agree to counter offers. But in few cases they do. Like in my case they not only matched the counter offer but even offered slightly more than the counter offer.