Bank of America Merrill Lynch Maintains Buy on Intuit

Bank of America Merrill Lynch is out with its report today on Intuit INTU, maintaining Buy. In its report, Bank of America Merrill Lynch writes, "We recently highlighted INTU as one of companies best positioned in our sector in the event of another recession. We reiterate our Buy with $57 PO based on a SOTP analysis using our CY12 ests. The intersection of Cloud, mobile and social is an important theme where INTU is positioned to benefit. INTU's ability to successfully straddle legacy license model and Cloud plus mobile opportunities with growing revs and expanding OM remains underappreciated, in our view." Shares of INTU closed Tuesday at $42.88, down 0.58% from Monday's close.