Intuit "buy," target price raised

18.05.07 - Banc of America

NEW YORK, May 18 (newratings.com) - Analyst Dan Cummins of Banc of America Securities reiterates his "buy" rating on Intuit (INTU), while raising his estimates for the company. The target price has been raised from $36 to $38.

In a research note published this morning, the analyst mentions that the company has posted robust results for its latest quarter, with revenues ahead of the estimates. The upside in revenues was driven by strength in payroll and payments as well as consumer and professional tax, the analyst adds. The anticipated success in the online banking segment over the near term is expected to act as a key catalyst for Intuit? share price, the analyst adds. The EPS estimate for FY08 has been raised from $1.59 to $1.69.