UPDATE: Bank Of America Reiterates On Intuit As QBO Cloud Transition Is On Track

In a report published Friday, Bank of America analyst Kash Rangan reiterated a Buy rating on

, and raised the price target from $93.00 to $99.00. In the report, Bank of America noted, “We believe Intuit is one of the better-managed software companies with franchise products and a light web touch distribution with the potential for increasing operating margins. We view Intuit as an underappreciated growth story given its roster of opportunities in SMB, which is characterized by low penetration, dominant share and substitution opportunities, and we believe investors have lowered expectations for Consumer Tax and see less downside from these levels.” Intuit closed on Thursday at $90.73.