Wedbush Maintains Neutral on Intuit (INTU) Following FQ3 Results

Wedbush maintains a Neutral rating on Intuit (NASDAQ: INTU), and raised the price target to $97.00 (from $95.00), following FQ3 results. Revenue of $2.2B topped consensus expectations of $2.14B. Non-GAAP EPS of $2.85 beat consensus of $2.74.

Wedbush analyst Gil Luria, commented, saying, "QBO net adds of 124,000 was a Q/Q increase of 22% and total QBO subscribers now stands at 965,000. If the compa ny can maintain this growth trajectory, company may achieve its goal of 2 million subs by 2017, in our opinion. However, we believe pricing promotions and free six-month trials may be resulting in higher churn (mid to high 70s retention rate) and lower yielding customers."

Luria also added, "For FY15 company expects Non-GAAP EPS between $2.50-$2.52 (up from previous guidance of $2.45-$2.50) on revenue between $4.395-$4.420 billion (up from $4.275-$4.375 billion). For FQ4 company expects revenue of $720-$745 million and non-GAAP LPS between $(0.10)-$(0.12)."

For an analyst ratings summary and ratings history on Intuit click here. For more ratings news on Intuit click here.

Shares of Intuit closed at $104.16 yesterday.

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