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Wedbush raised its price target on Intuit Inc. (NASDAQ: INTU) Thursday from $95 to $100 and reiterated its Outperform rating after the company beat Q1 expectations.
Analyst Gil Luria believed that Intel “will outpace the market based on double-digit growth in the Small Business segment. We see Intuit as a cycle-independent technology leader in early stages of global expansion.
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"We expect QBO migration to continue, with further upside from customers new to the franchise. QBO subscriber growth exceeded expectations with strong customer acquisition (75 percent of subscribers new to the franchise) driving the upside. We expect continued customer acquisition performance to mitigate revenue impact from desktop migration,” according to Luria.
The analyst report added that an “increase in full service Payroll will continue to be favorable to revenue mix shift. Although relatively new to the market, this product has already reached 25k users, double from last year.”
The firm raised its estimate for FY15 EPS to $2.50 from $2.47. The $100 price target represented “a 25x multiple on 2016 EPS estimate, 25 percent above historical levels to compensate for the current accounting shift, based on the company's ability to grow in a wide range of economic backdrops.”
Intuit recently traded at $93.38, up 2.9 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.