In a report released on March 1, Steve Enders from Citi maintained a Buy rating on Intuit (INTU – Research Report), with a price target of $744.00.
Steve Enders has given his Buy rating due to a combination of factors related to Intuit’s performance during the tax season. The report highlights that despite a later start to the 2024 tax season, Intuit shows a narrowing year-over-year (y/y) gap in total tax filings, with a particularly strong performance in e-filings, which are essential to Intuit’s business. E-filing volumes for self-prepared and tax professional filings have significantly outpaced those of the previous year, suggesting robust adoption and usage rates that could bode well for future revenue growth.
Furthermore, Steve Enders points to the potential for increased adoption of TurboTax Full Service, which could lead to higher Average Revenue Per User (ARPU), as indicated by the relative strength in tax professional filings. The data suggests that Intuit is not only maintaining but expanding its customer base, with e-filings up year-over-year and ahead of historical averages. This trend, coupled with the expectation of the year-over-year gap in total filings potentially flipping to positive in the following weeks, provides a strong case for an optimistic outlook on Intuit’s stock, thus justifying the Buy rating.
According to TipRanks, Enders is an analyst with an average return of -5.7% and a 52.67% success rate. Enders covers the Technology sector, focusing on stocks such as Paylocity, Vertex, and Monday.com.
In another report released on February 27, Argus Research also maintained a Buy rating on the stock with a $740.00 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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