In a report released today, Brent Thill from Jefferies maintained a Buy rating on Intuit (INTU – Research Report), with a price target of $760.00.
Brent Thill has given his Buy rating due to a combination of factors concerning Intuit’s performance, particularly in its Consumer/Tax segment. Thill’s analysis of the recent weekly IRS tax data, combined with reviews of TurboTax users after the April 15th deadline, has bolstered his confidence in Intuit’s potential to outperform the conservative forecasts for the fiscal year 2024. An uptick in tax volumes, which showed a significant recovery from an initial downturn, suggests a positive trend for the company’s operations.
Furthermore, Thill notes a noteworthy shift in the mix of TurboTax Live services, with a surge in users opting for assisted tax services and full-service offerings. This shift not only demonstrates Intuit’s successful penetration into the assisted tax market but also indicates an opportunity for increased revenue through premium-priced products. The strong traction of TurboTax Live, marked by 59% of total reviews compared to 37% in the previous year, underpins Thill’s optimistic outlook and supports his Buy recommendation with a price target of $760.
In another report released on April 22, Oppenheimer also maintained a Buy rating on the stock with a $712.00 price target.
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Intuit (INTU) Company Description:
Incorporated in 1983, California-based Intuit, Inc., a software company, provides financial management solutions and compliance products and services for small businesses, accountants, and individuals. It operates through the following segments: Small Business and Self-Employed Group; Consumer Group; ProConnect Group and Credit Karma.
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