NEW YORK (TheStreet) -- Intuit Inc (INTU) shares were upgraded to "equal weight" from "underweight" by analysts at Evercore Partners (EVR) on Tuesday. The firm increased the price target on the shares to $72 from $62.
The upgrade follows the firm's belief that the company's TurboTax division will beat Evercore's growth guidance of flat to diminishing by posting 3%-4% growth this quarter.
"2014 tax filings data indicate the opposite-growth for the self-prepared category far exceeds the flattish trends in the tax professionals, or assisted, category. Historically, the final release of April 15th TurboTax unit growth has been a meaningful catalyst for INTU stock given the Company generates approximately 90% of its annual earnings in its April quarter," said the firm.
Separately, TheStreet Ratings team rates INTUIT INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate INTUIT INC (INTU) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, notable return on equity, good cash flow from operations, increase in stock price during the past year and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."