I have seen a few suggestions for this and some of them are a real pain because the .pst format is proprietary.
I have not used Outlook in a long time but I believe it can export contacts as card format. Address Book should have no problem with those. I also saw a program which appears to be free for converting contacts but must be purchased ig you need to convert e-mail. Try outlook to apple mail converter, Try PST Converter | Download Free Vcard Converter
Might be worth it to download the trial and give it a shot or e-mail the sales dept.Our Mac application lets you convert the PST files directly on you Mac, no dependency on Outlook and Windows based PC. Just Convert your files directly on you new Mac and get going !!
This program sounds like it would do they job. they have both Mac and PC versions. The page for the Mac version states
Might be worth it to download the trial and give it a shot or e-mail the sales dept.