Wedbush Raises Price Target on Intuit (INTU), Strong Q4 Followed By Nice FY12 Outlook
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Price: $335.60 -2.91%
Rating Summary:
31 Buy, 12 Hold, 3 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
31 Buy, 12 Hold, 3 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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Wedbush is reiterating its Outperform rating on shares of Intuit (NASDAQ: INTU) and is raising its price target by $1 to $63.
The firm believes that Intuit outpace the market based on dependable secular trends that will ultimately drive double-digit earnings growth.
The company released its fourth quarter results ahead of the firms and Street's expectations. Connected services rose to 62 percent of the company's total revenue, up from 59 percent in 2011, which provides the company with a more reliable revenue stream.
Intuit's 2012 guidance calls for revenue growth of 9-11 percent and non-GAAP EPS growth of 14-17%, which is slight above the consensus of 9 percent revenue growth and 13 percent EPS growth.
Due to the updated share repurchase plan, Wedbush increased its 2012 EPS estimate from $2.88 to $2.90 and introduced its 2013 estimate at $3.33.
For more ratings news on Intuit click here and for the rating history of Intuit click here.
Shares of Intuit closed at $40.30 yesterday.
The firm believes that Intuit outpace the market based on dependable secular trends that will ultimately drive double-digit earnings growth.
The company released its fourth quarter results ahead of the firms and Street's expectations. Connected services rose to 62 percent of the company's total revenue, up from 59 percent in 2011, which provides the company with a more reliable revenue stream.
Intuit's 2012 guidance calls for revenue growth of 9-11 percent and non-GAAP EPS growth of 14-17%, which is slight above the consensus of 9 percent revenue growth and 13 percent EPS growth.
Due to the updated share repurchase plan, Wedbush increased its 2012 EPS estimate from $2.88 to $2.90 and introduced its 2013 estimate at $3.33.
For more ratings news on Intuit click here and for the rating history of Intuit click here.
Shares of Intuit closed at $40.30 yesterday.
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