Oppenheimer Remains Bullish on Intuit (INTU) Following 4Q Report
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Oppenheimer reiterated an Outperform rating and $113.00 price target on Intuit (NASDAQ: INTU) following the company's 4Q earnings report. INTU reported EPS of $0.08, ahead of the Street's estimates for a loss of ($0.02). Although F1Q17 was guided below our/Street estimates, this was largely attributed to timing/seasonality.
Analyst Scott Schneeberger commented, "Intuit's F4Q16 adjusted 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."
Shares of Intuit closed at $113.84 yesterday.
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