Morgan Stanley Expects Upside Drivers for Intuit

In a report published Tuesday, Morgan Stanley analyst Jennifer Swanson Lowe reiterated an Underweight rating and $66.00 price target on Intuit INTU. In the report, Morgan Stanley noted, “Expect solid Q3 results: We increase our revenue estimate modestly from $2,279M to $2,392M to reflect INTU's updated guidance for FY14 Consumer Tax growth, and we are now slightly above consensus at $2,378M although most estimates have not been updated for the new guidance. INTU raised FY14 Consumer Tax revenue growth to ~6% vs prior guidance of 4-5% as unit growth outpaced prior expectations, although likely at the expense of per unit pricing. Our $3.50 EPS estimate is in line with consensus.” Intuit closed on Monday at $77.07.