Jefferies Reiterates Buy on Intuit

Jefferies is out with its report today on Intuit INTU, reiterating Buy. In its report, Jefferies writes, "INTU reported F4Q11 results ahead of expectations. Positive F4Q NG EPS (first time in 10+ years) suggests the co is successfully transitioning its biz model to incl. more recurring revs. INTU guided F1Q12 in-line on revs/ slightly below on NG EPS but provided FY12 guidance ahead of the Street. We reiterate our Buy as we find the biz model transition and rev/ EPS growth profile attractive." Jefferies maintains a $53 PT on INTU. Shares of INTU closed Thursday at $40.30, down 4.91% from Wednesday's close.