JP Morgan Reiterates Overweight, $58.50 PT on Intuit

JP Morgan maintains its Overweight rating and $58.50 price target on Intuit Inc. (NASDAQ: INTU) on a solid quarter traditionally weak seasonally.

JPM notes, “INTU reported Revenue/Non-GAAP EPS of $594M/($0.10) compared to our estimate of $581.8M/($0.12) and the street's $580.1M/($0.12). $0.02 of upside came from better than expected revenue and operating margins. Total revenue for the quarter beat our estimate by approximately $1M, the main source of the upside was the Small Business Group that grew 13% in the quarter. Employee Management and Payment Solutions led the way as Financial Management Solutions were in line for the quarter.”

INTU closed at $51.75 on Thursday.