Siti Panigrahi, an analyst from Mizuho Securities, maintained the Buy rating on Intuit (INTU – Research Report). The associated price target is $725.00.
Siti Panigrahi has given his Buy rating due to a combination of factors related to Intuit’s performance and the broader tax filing landscape. The recent IRS data shows a slight year-over-year decline in total tax returns filed, but there is a notable stabilization in the self-prepared e-filings segment, which is Intuit’s primary market. The resilience in this category, especially with a 4% year-over-year increase in DIY filers in the sixth week of tax season, supports a positive outlook for Intuit. Furthermore, there is an expectation of a ramp-up in filings as the tax deadline approaches, which could lead to an overall growth in total tax returns for the fiscal year.
Despite the slow start to the tax season, the trend towards self-preparation is expected to re-accelerate closer to the tax deadline. This, combined with Intuit’s potential to achieve double-digit revenue growth in its Consumer Group segment, reinforces the optimism in the company’s performance. Panigrahi’s analysis suggests that Intuit is well-positioned to capitalize on the uptick in DIY tax filings, which is a key driver for the company’s growth and a solid reason behind the Buy recommendation.
In another report released yesterday, Oppenheimer also assigned a Buy rating to the stock with a $712.00 price target.
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Based on the recent corporate insider activity of 106 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of INTU in relation to earlier this year.
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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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