Jim Cramer -- Goldman Bullish on Intuit Ahead of Earnings
Analysts at Goldman Sachs initiated Intuit (INTU) - Get Report with a buy rating and a $117 price target. This move caught the eye of Jim Cramer, co-manager of the Action Alerts PLUS portfolio, for one reason: earnings.
It's interesting that Goldman would take up coverage on Intuit one day before earnings, Cramer said on CNBC's "Stop Trading" segment on Monday. The company -- which is behind tax and accounting programs like QuickBooks, TurboTax, Quicken and Mint -- reports earnings on Tuesday after the close.
"I don't think you would stick your neck out today and recommend Intuit if you were concerned about the quarter," Cramer said. He added that he's not worried about the company's earnings, as business has been "on fire" lately.
"What a great story," Cramer continued. Not only is Intuit executing very well from a business standpoint, he said, but it's also taking market share from H&R Block (HRB) - Get Report .
When analysts put out positive research reports or issue upgrades right before earnings, they "tend not to be embarrassed when the companies report.... I like Goldman Sachs' buy recommendation," Cramer concluded.
At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.
