In a report released on February 26, Tsz Wang from DBS maintained a Buy rating on Intuit (INTU – Research Report), with a price target of $582.00.
Tsz Wang has given his Buy rating due to a combination of factors including Intuit’s strong positioning to leverage the ongoing digital transformation in financial management. Intuit, serving a vast customer base exceeding 100 million, encompasses multiple segments such as Small Business & Self-Employed, Consumer, and Credit Karma, each providing a suite of services ranging from online financial management to tax preparation. The company’s diversified distribution across online and retail channels, as well as direct sales, fortifies its market presence and contributes to a robust subscriber growth.
The recommendation also takes into account Intuit’s consistent organic growth trajectory and a promising financial outlook, with the company projecting around a 13% top-line growth for FY23. Intuit’s significant investments in product development, reflected by its high R&D spending, have resulted in a strong brand and a portfolio of well-established products like QuickBooks and TurboTax. These products have not only secured a large user base but are also pivotal in driving revenue. Moreover, Tsz Wang’s analysis suggests that potential catalysts such as higher-than-anticipated revenue growth and product price increases may further propel the stock value, underpinning the Buy rating and a target price of $582.
In another report released yesterday, Wells Fargo also maintained a Buy rating on the stock with a $725.00 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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