Intuit Makes Goldman Sachs' Conviction Buy List

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“With a very strong tax season behind us,” Goldman Sachs’ Jesse Hulsing believes investor focus will shift to Intuit Inc. INTU's small business segment in 2HCY16.

Hulsing maintains a Buy rating on the company, while raising the price target from $117 to $123.

Why The Stock Is Attractive

The analyst added Intuit to Goldman Sachs’ "Americas Conviction Buy List" due to the company’s improving retention rate trends, as well as increasing confidence regarding the subscriber growth outlook for Quickbooks Online for FY17.

Related Link: Deutsche Bank Remains Bullish On Intuit Despite Market's Reaction To Q3 Results, Guidance

“After further analysis of retention trends and country-by-country growth expectations, we are more confident in the company’s ability to accelerate net add growth and meet or exceed the mid-point of its 2 million–2.2 million FY17 subscriber guidance,” Hulsing mentioned.

The analyst expects the stock to see total return potential of 17 percent over the next 12 months.

Hulsing believes that Intuit offers a “unique blend of fundamental offensive and defensive attributes” that could drive the stock to outperform the S&P in 2HCY16, regardless of the macro environment.

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Posted In: Analyst ColorLong IdeasPrice TargetAnalyst RatingsTechTrading IdeasGoldman SachsJesse Hulsing
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