UPDATE: Jefferies Raises PT to $66 on Intuit on SMB Outlook
Jefferies reiterated its Buy rating on Intuit (NASDAQ: INTU) and raised the price target from $59.00 to $66.00.
Jefferies commented, "We adjust F2Q 2013 forecasts down to reflect a larger push out in Tax revenue from F2Q into F3Q owing to the late start for the 2013 season/ uncertainty surrounding the tax code. We also modestly lower our FY13 Small Business forecasts to reflect less favorable QB 2013 adoption. That said, we see potential for improving performance due to a better SMB backdrop indicated in our survey. Maintain Hold."
Intuit closed at $62.90 on Friday.
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