J.P. Morgan Reports on Intuit

J.P. Morgan commented on Intuit INTU in a report released earlier today. In the report, J.P. Morgan was positive in its assessment of the company. J.P. Morgan writes, "TurboTax and Payments drove upside in 3Q as Intuit capped off a solid finish to the tax season despite increased competition. The business is benefitting from modest recovery, which we think will accelerate as employment and small business creation catch up. But given the run up in the stock into the print and guidance for the seasonally weak 4Q11 and full-year 2011 not reflecting total amount of 3Q11 upside, we could see some sell the news reaction in the stock." J.P. Morgan currently has an Overweight rating on Intuit and a price target of $58.50. Shares of INTU closed the trading day at $57.50, down from $54.61 at open.