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“With a very strong tax season behind us,” Goldman Sachs’ Jesse Hulsing believes investor focus will shift to Intuit Inc. (NASDAQ: INTU)'s small business segment in 2HCY16.
Hulsing maintains a Buy rating on the company, while raising the price target from $117 to $123.
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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.
“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.
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.