Intuit "hold," estimates raised

25.04.06 - Needham & Co

NEW YORK, April 25 (newratings.com) - Analysts at Needham & Co reiterate their "hold" rating on Intuit Inc (INTU), while raising their estimates for the company. The fair value is set to $58.

In a research note published yesterday, the analysts mention that the sales of the company?s TurboTax software accelerated in the tax preparation season. The transition towards online filing of taxes is expected to have a positive impact on TurboTax?s sales during 2007 and beyond, the analysts say. The non-GAAP EPS estimate for 2006 has been raised from $2.35 to $2.45 to reflect better-than-expected TurboTax sales.