Wedbush Maintains an 'Outperform' on Intuit (INTU); Cyclical Growth Upside at Attractive Multiple

November 20, 2009 9:41 AM EST

Wedbush maintains an Outperform rating on Intuit (Nasdaq: INTU), raises price target from $34 to $35.

Wedbush analyst says, "We believe Intuit offers a unique combination of defensive qualities and cyclical growth upside at an attractive multiple...Q1 results above expectations as marketing expenses shift to Q2...Reiterated 2010 guidance represents $0.02 raise on underlying business...Longer Consumer Tax tail another indication of upside to tax guidance. Payroll growth not enough to offset lower-than-expected QuickBooks and Payments...Share buy-backs resumed full force...Maintaining our EPS estimates pending correction of guidance. We believe that the guidance presented in the earnings release for Amortization of Purchased Intangibles will be modified (guidance in the earnings release is for $39 million of Amortization in 1H and $36 million for full year)."

To see all the upgrades/downgrades on shares of INTU, visit our Analyst Ratings page.

Intuit Inc. provides business and financial management solutions for small and medium sized businesses, consumers, accounting professionals, and financial institutions in the United States, Canada, and the United Kingdom.

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