Jefferies Maintains Hold on Intuit Following HRB Online Tax Software Release
Jefferies & Company has published a research report on Intuit (NASDAQ: INTU) after the company's release of HRB Online Tax software.
In the report, Jefferies writes, "As expected, HRB's Online Tax Prep software was made available today. Relative to the beginning of the 2011 tax season, prices are flat Y/Y with 2 exceptions: i) HRB's Basic SKU is currently $19.95, up +33% vs $14.95 at the start of the 2011 season (12/1/10) and ii) HRB's State SKU for Basic/ Deluxe/ Premium/ Best of Both is currently $34.95, up +6% vs $32.95 at the start of the 2011 season (12/1/10). Importantly, while the prices of HRB's Basic and State SKUs are higher vs. the very beginning of the 2011 tax season, we note that HRB (HRB, $15.18, NC) had actually raised list pricing of both offerings mid-December 2010 and current pricing is in-line (as of 12/10/10 the Basic SKU was $19.95; as of 12/17/10 the State SKU was $34.95 - per the Jefferies Tax Software pricing tracker)."
Jefferies maintains its Hold rating and $55 price target on Intuit, which closed yesterday at $50.86.
