Oppenheimer Has Outperform On Intuit (INTU)

Oppenheimer & Co. has a Perform rating and a $52 price target on Intuit Inc.

, after the company reported earnings yesterday after the bell. In a note sent to clients, Oppenheimer writes, "F1Q11 adj'd EPS of -$0.12 was in-line with consensus and varied slightly from our estimate/F1Q10 of -$0.10. Seasonally soft F1Q11 revenue of $532M exceeded our estimate/consensus of $523M/$520M. The quarter's largest contributor, Financial Management Solutions (QuickBooks) segment revenue growth of 15% y/y outperformed. Though 'desktop' QB unit growth was down y/y due to comping vs. major discounting last year, segment revenue growth was strong on: 1) Saas...the ongoing migration to QB online subscriptions; 2) Mix...INTU's higher priced Enterprise Solutions QB customer base grew 20% y/y and 4% q/q; and 3) Intuit Websites...'build your own small business website' customers grew 60% y/y. We're reiterating our Outperform rating and $52 PT on INTU's strong TurboTax positioning and attractive QB online migration story." Shares of INTU lost $1.89 in after-hours to close at $46.31, a loss of nearly 4%.