Barclays Maintains an 'Overweight' on Intuit (INTU); Mixed Q3 but Growth Drivers Remain Intact

Barclays maintains an 'Overweight' on Intuit (NASDAQ: INTU), PT $56.

Barclays analyst says, "Maintain Positive Outlook on Continued Transition to Connected Services: Intuit delivered mixed Q3 results, with better than expected TurboTax sales muted by lower margin from higher advertising spend to combat early share losses to H&R Block (NYSE: HRB). While QuickBooks online subscriber momentum continued (+11% q/q), desktop sales were somewhat disappointing. We expect the shares to pull back, given mixed results/outlook and the recent run, although we maintain our positive outlook as we expect continued momentum driven by the ongoing shift to connected services across the major lines of business."

"We are maintaining our Q4 revenue and EPS estimates of $584M and $0.00.
We are raising our FY12 revenue and EPS estimates to $4.24B (+10%) and $2.92 from $4.19B and $2.88 for higher contribution from TurboTax and QuickBooks international."

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

Shares of Intuit closed at $55.90 yesterday.

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