UPDATE: Bank of America Upgrades Intuit as SMB Drives Growth

In a report published Friday, Bank of America analyst Kash Rangan upgraded the rating on

(NASDAQ:

) from Neutral to Buy, and raised the price target from $69.00 to $78.00. In the report, Bank of America noted, “We are upgrading INTU, as we see a changing in guard with the SMB business growing increasingly important. With consumer tax expectations moderating, we believe the opportunity in SMB / Pro Tax will be increasingly apparent.” Intuit closed on Thursday at $68.00.