Intuit initiated with a Neutral at UBS

UBS analyst Taylor McGinnis initiated coverage of Intuit with a Neutral rating and $430 price target. Based on the firm’s checks and Evidence Lab data, the analyst is forecasting year-over-year revenue growth of 7% in calendar 2023 and 9% in FY24, which are both below the Street’s view. The firm’s "more prudent outlook" assumes the macro environment remains weak and will have a disproportionate impact on small-to-midsize businesses in 2023, the analyst said.