Jefferies Raises Price Target on Intuit (INTU), Feels Confident Following Meeting With Management

Jefferies is reiterating its Buy rating on shares of Intuit (NASDAQ: INTU) and is raising its price target from $56 to $59 following an investor meeting with the company's management team.

The firm believes that an improving SMB market should drive slightly better organic growth in 2012 vs. 2011. It is also confident that mid-term drivers will maintain sales growth at 10%+.

INTU is anticipating on its aggregate returns to be flat year over year in for 2011 with its software/ online category will grow 6-8%. Jefferies feels that this will lead to a 10-13% tax for INTU in the 2011 season.

Jefferies reports that management was very positive on the SMB trends as the company expects that its SMB revenues will be up 8-12%, the firm thinks that it will be a little better at 13%.

For more ratings news on Intuit click here and for the rating history of Intuit click here.

Shares of Intuit closed at $51.06 yesterday.

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