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Pro Analysis

Goldman says Intuit is one of its favorite tech stocks

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Goldman Sachs put Intuit, the maker of TurboTax and Quickbooks software, on its conviction buy list Thursday due to accelerating online subscribers and because the company has steady revenue that will hold up in the face of today's economic uncertainty.

"We add INTU to the Americas Conviction Buy List and raise our 12-month price target to $123 due to (1) improving retention rate trends and (2) our increased confidence in INTU's Quickbooks Online subscriber growth outlook for FY17 post a deeper analysis," wrote Goldman Sachs' Jesse Hulsing in a note to clients.

Goldman predicts the stock over the next 12 months will jump 16 percent from Wednesday's close. The analyst also notes Intuit's healthy 1.13 percent dividend.