UPDATE: Oppenheimer Raises PT to $65 on Intuit on Growth and Margin Outlook

Oppenheimer reiterated its Outperform rating on Intuit

and increased its price target from $63 to $65 following fiscal year results. Oppenheimer commented, "Intuit finished FY12 solidly, growing full-year revenue/EPS 10%/16% y/y, respectively. FY13 revenue guidance of 10-12% represented another year of anticipated double-digit growth and compared to our estimate/consensus of nearly 10%. FY13 non-GAAP operating income growth guidance of 12-14% implied further margin expansion, and non-GAAP EPS growth guidance of 12-14% included conservative share count guidance and was consistent with our estimate/consensus of 12%/13%." Intuit closed at $58.95 on Tuesday.