Oppenheimer Raises Price Target on Intuit (INTU) to $116 Following 4Q Report
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Oppenheimer reiterated an Outperform rating on Intuit (NASDAQ: INTU), and raised the price target to $116.00 (from $113.00), following the company's 4Q earnings report. QBO subscribers reached 1.513M as of 7/31/16 vs. guidance of 1.5M. Small Business Online Ecosystem revenue grew 25% y/y, primarily via online customer acquisition. INTU maintained its guidance of 2.0-2.2M QuickBooks Online subscribers by the end of FY17.
Analyst Scott Schneeberger commented, "F4Q16 adj'd EPS of +$0.08 (vs. -$0.05 in F4Q15) exceeded our estimate/ consensus of -$0.04/-$0.02, respectively, with contribution relatively balanced across segments. FY16 adj'd EPS of $3.78 (+46% y/y) was above our estimate/consensus of $3.64/$3.67, respectively. Consumer Tax was the strength of FY16 overall, considerably exceeding TurboTax unit and revenue growth expectations, while Small Business also performed well. FY16 QuickBooks Online subscribers grew 41% y/y and the Small Business Online Ecosystem grew revenue 25% y/y contributing to 9% y/y Small Business segment revenue growth. INTU anticipates 32%-45% y/y FY17 QuickBooks Online subscriber growth (2.0-2.2M FY17 paid subs), 7%-9% y/y revenue growth, mid-30s non-GAAP operating margin, and $4.30-$4.40 adj'd EPS (previous "guidance"/consensus were $4.30/$4.34, respectively). We're increasing our PT from $113 to $116."
Shares of Intuit closed at $109.85 yesterday.
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