Oppenheimer Cuts Price Target on Intuit (INTU) Following Investor Day
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Oppenheimer reiterated an Outperform rating on Intuit (NASDAQ: INTU), and cut the price target to $96.00 (from $110.00), following the company's Investor Day. Intuit formally reduced its FY17 EPS outlook to $4.00-4.50, and incrementally clarified the drivers.
Analyst Scott Schneeberger commented, "Intuit's 2015 Investor Day appropriately "cleaned-up" the uncertainty created by its 8/20/15 F4Q15 conference call, which had "softened," but not formally modified its FY17 EPS outlook of $5.00. Intuit now formally reduced its FY17 EPS outlook to $4.00-4.50, and incrementally clarified the drivers. Although significantly lower than ~ $4.60 consensus, we view the "clarification" constructively, as it removes uncertainty/ sets a seemingly achievable objective as QBO subscribers continue to grow rapidly, albeit at a lower ARPC mix via greater than anticipated int'l/self-employed contribution vs. full-priced US QBO. Maintaining FY16E/we're modifying FY17E EPS from $4.80 to $4.25/our PT from $110 to $96. We're maintaining Outperform on INTU's risk/reward profile, as we view the Small Business build "pushed-out" in duration vs. broken/ anticipate support via substantial share repurchase activity."
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 $85.77 yesterday.
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