UPDATE - UBS Upgrades Intuit (INTU) to Buy; Window Opens to Own Top U.S. Franchise

UPDATE - UBS upgrades Intuit (Nasdaq: INTU) from Neutral to Buy. PT maintained at $57.

UBS analyst says, "We've been fundamental fans of INTU’s story – a top-ranked TurboTax and QuickBooks franchise that’s benefiting from a shift to online software. But valuation had held us back, until the 14% stock pull-back since April-end. We’re upgrading to Buy on 4 key pts: (1) attractive valuation: 16.6x NTM P/E vs. 19.0x avg since 2004; (2) positive stock seasonality: avg 12% gain in Aug-Oct in 2003-10 (ex-Oct ’08 market melt-down); (3) analyst day catalyst (usually in Sep.); (4) shielded from Europe & U.S. gov’t debt woes (small bus focus, <5% int’l revs)."

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