Intuit fundamentals remains sound, says Argus

Argus analyst Jim Kelleher keeps his Buy rating and $580 price target on Intuit after its Q1 results. Earnings and revenue topped consensus expectations thanks to strength in the Small Business & Self Employed Group, and despite further softening at Credit Karma, management reiterated its forecast for mid-teens EPS growth in FY23, the analyst tells investors in a research note. The stock has declined sharply, but the company’s fundamentals remain sound, signaling underlying value in the stock, Kelleher adds.