Intuit Inc (INTU)

[~Angel~]

Deutsche upgrades Intuit ahead of earnings, expects strong subscriber growth

Deutsche's Nandan Amladi has upgraded Intuit (INTU +0.6%) to Buy ahead of tomorrow's FQ4 report, and hiked his target by $20 to $120.Amladi: "While recent quarters have focused on the [QuickBooks Online] transition, we believe investor interest has now moved to how much upside INTU can generate over the next two years. We estimate INTU can overachieve the 2m subs target in Fiscal 2017 by over 10%, with up to $0.25 in EPS upside at the current growth momentum. A bit less competition from Xero recently and TAM expansion from INTU's early entry into the 'sharing economy' have boosted our confidence."In May, Intuit forecast it would end FY15 (ended in July) with 1M-1.025M QuickBooks Online subs, up from prior guidance of 975K-1M. Shares are within $3 of a high of $109.21, hit the day after Intuit posted an FQ3 beat.