Canaccord Genuity Maintains a 'Hold' on Intuit (INTU); Solid Qtr; A Stock Market Mover Unless Growth/Estimates Move Higher for F2012

Canaccord Genuity maintains a 'Hold' on Intuit (NASDAQ: INTU) price target of $50.00.

Canaccord analyst, Richard Davis, said, "We have no qualms about the quality of Intuit as a company. The firm has an exemplary management team, and we believe their connected services strategy is well-founded. If we were industry analysts we would stop there. However, with the stock valued at 16x 2012E for 9-11% revenue growth and 12-15% earnings growth INTU shares seem valued about right, which in our opinion implies stock price performance roughly in line with the overall stock market. To us, that means we should keep the rating at HOLD in hopes of getting a pullback or upward estimate revisions."

"Outlook: full year unchanged: 9--11% revenue and 12--14% operating income
growth. Earnings should grow slightly faster this year as the firm continues to
buy back shares. We have flowed through the Q1 beat and raised our estimates slightly. Our revised estimates are for revenues and non-GAAP EPS of $4.235 billion and $2.92 (+10% and +16% y-o-y)."

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 $51.75 yesterday.

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