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Fly News Breaks for March 27, 2019
INTU
Mar 27, 2019 | 07:51 EDT
Morgan Stanley analyst Keith Weiss noted that Intuit has historically provided preliminary consumer tax season results in late April, which he believes may be catalyst for the stock this time around as he expects positive estimate revisions. The firm's tax survey suggests strong online tax prep services pricing gains, a growing and leading market position for the TurboTax line-up, increased adoption of the higher priced TurboTax Live, and best-in-class TurboTax retention rates, all of which make Weiss increasingly bullish on Intuit's ability to outperform its guidance of 9-11% year-over-year growth in consumer tax revenues. However, most investors are already pricing in some level of consumer tax outperformance, added Weiss, who keeps an Equal Weight rating on Intuit with a $245 price target.
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