Intuit's (NASDAQ:INTU) Looks to be More than Cyclical

After results from their latest quarter came in, it looks like Intuit (NASDAQ:INTU) may be performing stronger than for cyclical reasons.

Canaccord said, "Intuit posted another solid quarter as macro headwinds diminished a bit and feature additions began to contribute to growth. We came away from this call incrementally more convinced that INTU’s good execution is more than cyclical. We expected investors to rotate into quality GARP stocks in 2011 and believe Intuit is a best-in-class in this category. As such, we believe it is quite possible that INTU’s P/E could expand next year, which would be an upside to our more conservative/baseline forecasts."

Even so, the stock got hit hard Friday largely on its lowered guidance.

Canaccord still maintains their "Buy" rating on Intuit nonetheless, which closed Friday at $44.93, plunging $3.27, or 6.78 percent. Volume was about three times the 3-month average, coming in at almost 13 million. A price target of $55 is placed on Intuit from Canaccord.