Jefferies Reiterates Hold, $55 PT on Intuit
In a company note, Jefferies maintains its Hold rating and $55 target price on Intuit Inc. (NASDAQ: INTU) as the company beat F1Q12 expectations and offers F2Q12 guidance ahead of Street.
According to Jefferies, “INTU reported rev/ NG EPS of $594M/ ($0.10)ahead of us and the Street at $581M/ ($0.12). The Tax business was better than we had forecast, up +26% Y/Y vs our +6% forecast as late filers took advantage of the 10/17 deadline for 2010 returns. SMB was +1% ahead of our forecast, with Payments outperforming vs our est (+18% Y/Y vs. us at +10%), Payroll in-line, and FMS slightly below (+9% vs. us at +11%). … mgmt provided F3Q12 NG EPS guidance of $2.45-2.50 and F4Q12 NG EPS guidance of $0.06-0.07, which reflects a more normal tax season vs FY11.”
INTU closed down 3.18 percent at %51.75 on Thursday.
