Jefferies Reiterates Buy Rating, $59 PT On Intuit

Jefferies reiterated its Buy rating and $59 price target in its report on Intuit (NASDAQ: INTU), based upon tax unit data released by INTU competitor H&R Block (NYSE: HRB).

In the report, Jefferies writes, “HRB reported tax unit data STD through the end of March which suggests continued momentum in the DIY tax software market. No change to our model as we assume INTU realizes a slight acceleration in unit growth later in the season and a slight benefit from improved ASPs.”

INTU closed at $53.70 yesterday and HRB at $17.97.