In a report released today, Keith Weiss from Morgan Stanley maintained a Buy rating on Intuit (INTU – Research Report), with a price target of $785.00.
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Keith Weiss has given his Buy rating due to a combination of factors that highlight Intuit’s strong performance and growth potential. The company has exceeded expectations, particularly in its Consumer Tax segment, which grew by 11% year-over-year, surpassing the Street’s estimate of 8%. This impressive growth prompted management to raise their fiscal year 2025 guidance from 7-8% to 10% year-over-year, showcasing strong future prospects.
Another key factor in the Buy rating is the remarkable performance of TurboTax Live, which saw a revenue increase of 47% year-over-year, a significant acceleration from the previous year’s growth rate. This growth was driven by effective marketing strategies that enhanced market awareness and adoption of additional services. Furthermore, Intuit’s ability to retain and upgrade customers, as well as monetize free users, contributed to the overall positive outlook. These factors, along with the expansion of margins and a revised EPS growth forecast of 18-19% year-over-year, support the Buy rating.
In another report released today, KeyBanc also maintained a Buy rating on the stock with a $850.00 price target.