UPDATE: Goldman Sachs Raises PT to $61 on Intuit

Goldman Sachs raises its price target on Neutral-rated Intuit

to $61 from $58as the company's model shows improved leverage. Goldman Sachs says, "We expect SMB to rebound in 3Q and 4Q with easier compares, a modestly improving economy, and cross-sell execution. We are also encouraged by the model's improving leverage (now forecasting 2012 margin expansion of 100 bp) as customer acquisition effectiveness, up-sell and churn incrementally improve with Intuit's shift to connected services. Having said that, we believe it's too early to have high conviction that Intuit's share gain in the Consumer Tax segment is going to be sustained versus “assisted” providers." INTU closed at $57.52 a share yesterday.