Intuit price target raised to $485 from $475 at KeyBanc

KeyBanc raised the firm’s price target on Intuit to $485 from $475 and keeps an Overweight rating on the shares after analyzing its proprietary Key First Look credit/debit card data to gain early insights into TurboTax trends for the current tax year. Based on year-to-date trends through April 7, the firm’s data indicates TurboTax ARPT is up a high single-digit to low double digits percentage year-over-year, likely attributable to rising adoption of Live and Full Service. KeyBanc’s bias remains positive on the potential for upside in TurboTax as it is encouraged by early indications of success with more advanced offerings that expand the market opportunity in the assisted and assisted-light categories versus a historical TT do-it-yourself orientation.